USDJPY needs to correct its bullish move at the price of 130.50. Apparently it seems, market has formed a bullish trend with the structure being higher highs and higher lows. We are looking for buys at the support level in order for another impulse move towards the previous high being broken.

The trendline has formed a bullish penant structure. Market may tap the upper trendline at the resistance level and reject or maybe, continue moving upwards with the breakout buy.

The retracement level of 50% is in confluence with support level at 129.90. If market falls back towards the support level, then we will have a solid push upwards.

EMA 50 is still bullish and we might see another retest at the support level. 

RSI is at 53. We may see the RSI drop down towards the over sold region and form a bullish divergence at the support level. From there, we can align all the parameters for the purpose of bullish move.

USDJPY bullish pressure

Feb 10 2023