USDJPY pulls back to key level

USDJPY pulls back to key level

Key Support: 109.07
Key Resistance: 109.70 – 110.25

The USDJPY has been in a bullish momentum for the past 3 weeks with the last 2 weeks being stuck in a range.

After the double bottom at the previous 2 week´s lows price surge to the 109.70 level but has since then pulled back on a very structure move, i.e., a bull flag.

The retest of this levels is in confluence with the weekly pivot and the 50% of the last leg up. In order for our longs to be in play we need the previous highs to break so that the immediate structure (bull flag) also breaks and also price start trading above the POC of the entire past 3 week´s volume (Entire bull move)

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Author : Orlando Gutierrez

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