Yesterday we saw the U.S. 10 Year T-Note prices fall from around the 125.85 mark, causing a significant rise in yields, and thus significant yen weakness. Furthermore, There is a lot of news coming out today for the dollar, and with positive expectancy; we have not been able to break the support of 111.500 on this pair for quite some time, and being bullish, I believe we will test the 113.000-113.500 level. I will be looking for buying opportunities throughout the day.

USD/JPY Daily chart

Price has bounced off of the 38.2 bullish fib retrcement level. which is also the support level of 11.500. Price also appears to have double bottomed just above this level, solidifying out current support. The Daily stochastics appear to be ready to turn to the upside, signalling further possible bullishness.

USD/JPY H4 chart

Price has opened the week at WM2, a bullish zone and support psyche level of 112, with target of WM4. as we can see, we have got that downside trend line as resistance, and thus I will wait for break and retest of this line for an entry, alternatively, I may look to go long at a retest of 112.500.

USD/JPY H1 chart

Price has opened up above dpp, signalling a possibility for strong bullish momentum. I will look for entries either at the retest of what will be a broken trend line, at Dm2 which is also the 61.8 fib retracment level, and role reversal support, or I will look for an entry around the retest of dpp, which is confirmed support, as well as the 112.500 psyche level. all entries shown by black line.

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