USDJPY : Bullish Pin Bar Could Push Price Higher Temporarily

USDJPY – Dollar/yen bullish pin bar could push price higher temporarily

For the USDJPY it’s been a quick sell-off in recent weeks but price seems to have found some solid long-term support down near 105.50 (zoom out your charts to see it better) and usdjpy has formed a bullish pin bar reversal there as of last Friday. Given that this pin bar formed at a long-term support level we could easily see usdjpy price push higher from here so it is a potential long signal whilst keeping in mind price is in a downtrend on the daily chart so any up-moves may terminate at nearby resistance levels. As a result, we can look usdjpy to potentially buy this pin bar, exiting longs near 108.00 and looking to rejoin the downtrend on bearish sell signal up near 108.27 resistance or the 21-day ema on a sell signal.