USD/JPY retests bullish structure

23 February 2021 | Updated: 23 February 2021

Key Support Levels: 104.90
Key Resistance Levels: 105.40 – 105.70 – 106.20

Long Term View
The USD/JPY is trading inside a mid term bullish structure and has now retraced back 76.4% of the entire bullish move to retest the structure and the previous weekly lows having hit short term bearish targets in confluence. Long term hidden bullish divergence is detected.

1H Chart Analysis
The confluence of these levels makes for a high probability buy setup at the break of today´s highs.
Should this scenario play out we could see buyers push price up to retest the next key level (105.70 – 105.90) which is yesterday´s and this week´s highs.

This signal has also been sent in the swing trade channel with different targets as we aim to capture longer term moves.

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