USDJPY, Preparing for Further Growth

Daily chart: the market retains bullish potential, almost completely absorbing the bearish bar formed on Wednesday. ADX remains in a strong zone, so today the price can gain a foothold above the round level of 114.00. N4: protracted consolidation has signs of a bullish flag pattern, and the ADX indicator is in close proximity to the trend zone. It is also a sign of the likely continued relevance of the uptrend. N1: resistance is highlighted on the hourly chart in zone 113.75 (Bollinger’s upper band), which buyers may have to overcome after the weekend, since here we see a relatively weak ADX. Thus, one of the likely scenarios today will be a fleet within the upper envelope (113.54-113.75) Conclusions: Main scenario – a fleet in the range 113.54-113.75. Alternative scenario – a break up above 114.00. Trading solutions : purchases from zone 113.54 by 113.75 and 114.00.