Analysing USD/JPY

USD/ JPY weekly price action has been in a little contraction phase in a weekly area of demand. As the first week of the year ends the pair found support at the 102.874 level and engulfed the previous week bullish. This is usually a good sign for reversals.

We have a broken daily supply zone which is holding as demand zone, considering the impulse move to the high, creating a new daily higher-high. If price holds then we could see USD/JPY heading for the 105.677 level.

 

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