USD/JPY: Bulls at Resistance

Price action testing key resistance. Consecutive bearish engulfing candles suggest rejection. Watch for a break below 114.80 to confirm a trend change.

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Discussion Thread (2)

@c_campbell·Updated 54m ago

114.80's a big level, but I've seen price dance on it before. Bulls could be exhausting, but let's not forget the BOJ's magnitude. Watch for order blocks on a retest, could see a fakeout before a mean reversion play. Invalidation: Clean break above 115

@ryanw_77·Updated 17d ago

Engulfings compelling, but let's see a close below 114.75 to really shift gears.