USD/JPY Common Gap in Uptrend

The USD/JPY opened higher with a common gap caused by thin liquidity and Abe-Trump talks. The pair needs to continue below a bullish order block -113.44 in order to close the gap. POC zone is 112.90-113.05 (L3, ATR low, EMA89, 50.0). If we see more retracement to the downside POC 2 is the final confluence zone for a bounce 112.55-65 (Ascending trend line, L4, 78.6). Targets are 113.50 followed by 113.75 and 114.20.  The pair is bullish now and will remain bullish as long as 112.00 holds.

USD/JPY Chart
USD/JPY Chart

Daily technical analysis is written by Nenad Kerkez, a senior analyst at Admiral Markets

Published by

Nenad Kerkez

Nenad Kerkez is an analyst and trader who has been in the market since 2008 and works closely with Admiral Markets as their Senior Lecturer and Market Analyst. Nenad covers over 25 currencies on an intraday basis and has a Masters in economics. He also developed CAMMACD TM, a proprietary trading and analysis strategy wit ever powerful pre fact setups that you can read every day. Nenad is also a valuable presenter on various FX EXPO shows, where he always presents new and interesting ways how to trade price action and protect your own investments. Further, he is the co-founder and head of Elite Currensea Trading, an educational website for currency traders.