USDJPY facing bullish pressure | 06 May 2021

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Prices are facing bullish pressure from breaking out of the triangle squeeze and is looking to take support from retest of trendline together with horizontal pullback support in line with 61.8% Fibonacci retracement and 61.8% Fibonacci extension. Prices might push up towards horizontal swing high resistance in line with 161.8% Fibonacci retracement as well as 127.2% Fibonacci extension. If prices push down further, prices might take support from horizontal swing low support in line with 127.2% Fibonacci retracement and 161.8% Fibonacci extension. EMA is also below prices, showing a bullish pressure for prices.