USD/JPY Charts Bullish Reference Candle on Weekly
The below is the weekly chart of the USDJPY. Two weeks back, the pair looks to have charted a candle that may be a bullish reference candle (blue arrow). Last week’s price action closed above the high of the reference candle, which gives the bullish reference candle scenario weight (green horizontal). The RSI(9) is above 50 and indicative of an underlying bullish momentum. Further bullish action will likely lead to a higher trough followed by a likely peak. As such, we continue to monitor.
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