The Usd/Jpy has now broken above the key resistance level of 121.719 and we should all be watching to see if price pulls back to this key level and produces any large bullish price action on the lower time frames. We should also bear in mind that the daily candle is still nowhere near closed and if we were to have price reverse back below this key level and close below at the end of the day it could potentially produce a large bearish pin bar reversal, gives us a potential signal to short.

However, our first port of call is to monitor the lower time frames and see what price does if it retests this key level, with my preferred chart on the lower time frames being the 4hr which is below whilst also monitoring the other time frames inbetween.

usdjpy4hrOne to watch!

Jeremy

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