FX.co ★ remington.kihn | USD/JPY

In the weekly chart of USD/JPY, the price was impulsively pushed to the north, resulting in the formation of a full bullish candle that easily broke and confidently closed above the resistance level, which, according to my markings, was located at 156.000. Given the current scenario, I fully admit that next week the northern movement will continue, and the price will head towards the resistance level, which is located at 160.400 according to my analysis. Near this resistance level, there could be two scenarios. The first scenario involves the price consolidating above this level and further northern movement. If this plan is executed, I will expect the price to move towards the resistance level located at 164.500. Near this resistance level, I will wait for the formation of a trading setup to determine the further trading direction. Of course, there is a possibility of reaching a more distant northern target, but I am not considering it at the moment as I do not see prospects for its quick realization. An alternative scenario for price movement when approaching the 160.400 resistance level would be a plan involving the formation of a reversal candle and a resumption of downward price movement. If this plan is executed, we can expect the price to return to the support level located at 156.000. Near this support level, I will continue to search for bullish signals, expecting a recovery in the upward price movement. Of course, there is a possibility of reaching more distant southern targets, located at 153.587 and 152.589 according to my analysis, but even if the designated plan is implemented, I will continue to search for bullish signals near these support levels, expecting a resumption of the upward price movement. In short, next week I consider it possible that the price may move towards testing the nearest resistance level, and then I will assess the market situation accordingly.