USD/JPY remain bullish for a further rise

The price made a bullish exit from a previous descending resistance-turned-support line signaling that we're seeing a change in momentum. We remain bullish looking to buy above 110.32 support (Fibonacci retracement, pullback support) for a further push up towards 111.59 resistance (Fibonacci retracement, horizontal overlap resistance).

RSI (34) sees bullish divergence and also sees a bullish exit of a descending resistance-turned-support line.

Correlation analysis: We are seeing JPY weakness across the board with bounces expected on EUR/JPY, AUD/JPY, and USD/JPY.

Buy above 110.32. Stop loss is at 109.74. Take profit is at 111.59.


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