FX.co ★ remington.kihn | USD/JPY

In the USD/JPY pair, yesterday the price continued its impulsive northward movement, forming a bullish candlestick that closed above the previous day's high. I consider the possibility of a resistance level test at 156.000. Near this level, two scenarios may unfold. The first scenario involves price consolidation above this level and further upward movement towards the next resistance at 160.400. I will wait for a trading setup near this level to determine the next trading direction. I acknowledge the potential for pullbacks along the way towards the ultimate northward target, which I plan to use to find bullish signals from nearby support levels in anticipation of a resumption of the uptrend within the global northward trend. An alternative scenario upon approaching the 156.000 resistance level would be a reversal candle formation signaling the start of a corrective southward movement. In this case, I will wait for a return to the support levels at 153.587 or 152.589, expecting a reversal candle formation and a subsequent upward price movement. In summary, I anticipate the price to continue moving northward today towards the nearest resistance level, and will then assess the market situation accordingly. As for the news background, there is strong fundamental support for the dollar currently, and it will be interesting to observe the volatility.