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Technical outlook:
USDJPY seems to bouncing yet again from 109.20/25 lows yesterday. The currency has bounced off its 05 months old trend line support for the third time in past few weeks. Bulls are now looking poised to push through 112.50 levels in the next few weeks, taking out swing resistance at 111.75 levels. Looking higher from here above 112.50 to complete the wave structure since March 2020 lows.
USDJPY is seen to be trading around 109.50/55 levels at this point in writing and is looking to resume higher above 111.75 mark in the next few weeks. Immediate support is seen at 108.35, followed by 107.47 and lower; while resistance comes in around 111.75 levels respectively. Bulls are also producing a potential engulfing bullish pattern on the daily chart.
USDJPY has been producing a corrective wave since 101.18 lows registered in March 2020. The first wave of correction completed at 111.75 levels while its second wave pulled back towards 102.59 levels (January 06, 2021). Since then, the final wave of the correction is in progress and expected to push above 111.75 at least.
Trading plan:
Remain long, stop @ 107.00, target @ 112.50
Good luck!
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