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USDJPY is preparing to accelerate its counter-trend rally towards 129.40-50 in the next few trading sessions. The currency pair bounced higher from the 126.55 lows registered on Thursday carving a higher low. Bulls managed to produce an Engulfing Bullish candlestick pattern to confirm and they are now looking poised to hold prices above 126.55 and broadly above 126.36.
USDJPY earlier dropped from the 131.34 highs through the 126.36 lows, carving a meaningful downswing. Likewise, the instrument could make a similar retracement towards the 129.40-50 mark in the next several trading sessions. Also, note that the Fibonacci 0.618 retracement of the above drop is seen through the 129.40-50 area, hence probability remains for a bearish turn thereafter.
USDJPY is also producing a strong Fibonacci convergence around 129.40 (watch the extensions in the Red). This is also a strong indication of a potential trend reversal if prices manage to push through 129.40-50. Potential downside targets remain through 123.30 and 118.40 going forward, as the larger degree trend remains lower.
Potential short-term rally through 129.40, then lower towards 123.00 against 131.34.
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