USDJPY - Watch the weekly close

FX:USDJPY   US-Dollar / Japanischer Yen
55 0
On the lower time frames it appears price action has formed a double bottom and a long entry can be taken on a break of the neckline. Price action on the weekly chart can see the potential for a tweezor bottom to form at a decent area of support where longs can be taken from.
There is also a descending trendline which held firm towards the end of 2016 which will need to be broken to confirm a longterm Bullish bias.

A break of 112.000 can see us approach the weekly level @ 110.000. With a 38.2% fibonacci level
at 111.000 and the prescence of the 50 EMA , this could lead to another area to go long from

Bias is Bullish for the time being

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