The USDJPY is in the advanced stages of a week plus Bull Flag consolidation (on the daily chart), firming just below last week’s intraweek burst to a new 2021 high. Significantly, the USDJPY is arguably completing a broader Bull Flag consolidation (on the weekly chart) that began early April, with odds high for a reclaiming of the 2020 and 2019 highs in the next week or so. Any decisive break above last week’s high to a fresh 2021 high will likely wait until after Friday’s highly anticipated US Non-Farm Payrolls (NFP). The weekly and daily RSI, Stochastics and MACD are bottoimsh or consolidating recent gains. I am looking to go long in the green zone (of the daily chart), targeting the red zone for Tuesday. The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter).
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