We mentioned yesterday that USDJPY had formed multiple bullish price patterns across multiple timeframes.
As anticipated, the market used the broken descending trendline as a new area of support and USDJPY has put in a steady rotation higher.
It’s worth pointing out that our “harmonic” A,B,C,D completion point comes in just below 119.00. We would expect to see some form of temporary pullback within this area.
However, there is also potential for a “three-drives” pattern up into the 120.00 swing highs.
