USD/JPY 15m Chart Analysis – Long to Retest the 150.175 High
USD/JPY has been ranging between 148.300 and 149.300 since last week and has failed to break down to the 30EMA on the Daily chart. DXY has failed to break below its Daily 30EMA as well. The USD/JPY price action is currently in the top 1/3rd of the range with the RSI just mid-level leaving room for a move up and out of the range.
There is a gap to fill up to the previous high of 150.175. At the very least, I believe we'll see a retest of this level. For this to happen, the Dollar needs a good bounce at the 105.600 level and the Yen remain stagnant or fall. My current analysis of the Yen is it's ready for a pullback to the upside, but that doesn't mean it won't take a quick dip to the downside first before reversing.
I think we can find a good entry in this range below the midpoint and look for a breakout at the top of the range.
Trade wisely and let us know what you think in the comment section below!