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USD/JPY Should Go Further Up As Multiple Bullish Patterns Appear

Nenad Kerkez

Dear Traders,

The USD/JPY is bullish. We can see the ascending scallop pattern straight from the W L 5 camarilla pivot providing additional cue that the price might rise (yellow highlight).

The price is rejecting slightly above the POC zone and we might see a continuation to the upside. Targets are 109.59 and 109.94. However, another bounce is expected if the price drops to the POC zone 108.50-80. As long as the price stays above 107.90 bulls will have the advantage. The ATR(5) is still low – 46 so we need patience for the trade to develop.

The analysis has been done with the CAMMACD.MTF template.

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Many green pips,
Nenad Kerkez aka Tarantula FX
Elite CurrenSea

This article was originally posted on FX Empire

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