USD/JPY Outlook
USD/JPY (UJ) is currently within a monthly resistance. With the DXY making new highs, I'm looking for a bullish dollar for the rest of the month, in turn sending UJ higher as well.
Technical wise. On the daily, price action (PA) is consolidating within the monthly resistance. Price made a retrace to the 50% fib level from the swing to low to swing high. It may be on it's way to the -27%. On the 4H PA was consolidating until it went down to the 50% level and then back into the monthly resistance. Going into Week 3. I am looking for price to hold the current support or retrace and then break out of the monthly resistance.
Technical wise. On the daily, price action (PA) is consolidating within the monthly resistance. Price made a retrace to the 50% fib level from the swing to low to swing high. It may be on it's way to the -27%. On the 4H PA was consolidating until it went down to the 50% level and then back into the monthly resistance. Going into Week 3. I am looking for price to hold the current support or retrace and then break out of the monthly resistance.
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