USD/JPY – Volatile Trend, Still Looking to Buy (4hr chart)
Making a new monthly high today after China intervened in the FX market, the USD/JPY continues to find buyers on pullbacks while forming a volatile price action trend.
For now, there is a decent pullback zone around 124.45 on a ST basis, which was the July monthly highs. ST bulls can watch for weak pullbacks here to get long.
If this level holds, then we should minimally revisit 125 before offers re-enter. If 124 folds, then we should see a likely trip back down to 123 before any solid bids step back into the market.