USD/JPY pulls back towards support cluster around 133

USD/JPY has pulled back from the April high, yet the strong bullish structure of the 1-hour chart suggests it can try to break to a new cycle high. Today’s low has found support at the 20-hour EMA and April 4th high. And volumes are now trending higher, and a bullish pinbar on higher volumes suggests demand above 133, which is just beneath the daily pivot point.

• The bias is bullish above 133 and for a break above the April high
• The initial target is the daily pivot point, just below 134.50
• A second target to consider is the R pivot, around the daily R2

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We didn't quite reach target but it should have been adequate enough to have at least moved stop to break even or better.