Price has broken above the key pivot zone around 145.00, which previously acted as resistance and may now flip into support. We’re currently seeing a minor pullback near the 145.60–146.00 zone after a strong bullish impulse. This red-circled area highlights hesitation, but as long as the price holds above the pivot, I’m maintaining a bullish bias.
The market structure remains clean with higher highs and higher lows. The volume spiked during the move up and has decreased on the pullback—exactly what I want to see in a healthy retracement. I'm watching for a bullish reaction at or slightly above 145.00 to confirm continuation.
If we get a strong bounce from the pivot zone, I’m targeting 147.00 as the first level and 148.50 as the extended target. However, if price breaks and closes below 145.00 with momentum, I’ll reassess—downside support could be around 143.50–144.00.
Next steps: Waiting for a confirmation entry signal (bullish engulfing or strong rejection wick) near the pivot. Key risk to this setup is upcoming USD news and any BoJ commentary that could trigger volatility.
Staying patient—will update if the pivot holds or fails.
The market structure remains clean with higher highs and higher lows. The volume spiked during the move up and has decreased on the pullback—exactly what I want to see in a healthy retracement. I'm watching for a bullish reaction at or slightly above 145.00 to confirm continuation.
If we get a strong bounce from the pivot zone, I’m targeting 147.00 as the first level and 148.50 as the extended target. However, if price breaks and closes below 145.00 with momentum, I’ll reassess—downside support could be around 143.50–144.00.
Next steps: Waiting for a confirmation entry signal (bullish engulfing or strong rejection wick) near the pivot. Key risk to this setup is upcoming USD news and any BoJ commentary that could trigger volatility.
Staying patient—will update if the pivot holds or fails.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.