Week 23 USDJPY technical analysis 07062025United States Dollar / Japanese YenCMCMARKETS:USDJPYtopekekereOn the daily time frame, I see price turn from 139.992 which I call support and resistance is 161.593. Market refused to travel up to this price level, making a stop at 158.498 which I can call my new resistance or supply zone. My immediate supply zone or the nearest bus stop price may turn is 148.162. Last week $:USDJPY was pulled back to 142.5 before resuming bullishness hitting the high of the week at 145. Three scenarios are expected. Using Elliot wave, I can expect the price to do one of the following Continue its bullish move to the next supply zone of 146.25 Pull back to at least 143.75 using Fibonacci. If dealers break above 145, pull back needs to be recalculated. Hold price levels at 145 before playing scenario 1 or 2 Is UJ bullish? yes overall. How to trade the pair? Wait for the pullback before buying. I am betting price may pullback to 143. If it does, I am ready to ride the baby up to 146 (300 pips baby) If it doesn't pull back, buy stop from 145.1 - 146, stop loss 144.75 If you love my analysis, give it a boost to help others. If you disagree with my analysis, let me know what you think. Disclaimer: Not a trading advice, educational purposes only.