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USD/JPY bullish reversal underway on the 4H timeframe?
USD/JPY has printed a bullish reversal pattern on the 4H timeframe, bouncing off uptrend support in the process. And with horrible Japanese household spending data showing spending slumped 1.8% in the year to May against expectations for an increase of 0.1%, the likelihood of the BOJ delivering further near-term monetary policy tightening looks to be dimming fast.
Unless we see weak payrolls report later today, which has not been the case over much of the past year with it beating expectations on eight of 12 occasions, the path of least resistance for USD/JPY remains higher.
Buying here with a stop below the uptrend is an option targeting 1.61745 or the multi-decade peak of 161.952 set earlier in the week. Prior to the current candle, USD/JPY printed a morning star pattern that’s often seen at bullish turning points. RSI has also broken its downtrend, hinting at a potential shift in price momentum to the upside.
DS
Unless we see weak payrolls report later today, which has not been the case over much of the past year with it beating expectations on eight of 12 occasions, the path of least resistance for USD/JPY remains higher.
Buying here with a stop below the uptrend is an option targeting 1.61745 or the multi-decade peak of 161.952 set earlier in the week. Prior to the current candle, USD/JPY printed a morning star pattern that’s often seen at bullish turning points. RSI has also broken its downtrend, hinting at a potential shift in price momentum to the upside.
DS
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