USD/JPY - Facing the end of the Bull or opportunity for further gains?

This looks like we have interesting position for the USD/JPY market. Since mid March's low this market has seen strong gains without facing substantial drawbacks down below the 110 region. What is interesting now is that this bullish momentum is once again coming to a crossroads. We can see where before this position was rejected, around the 113.155 level in July. But now we are back with strong green candles holding for the last week or so highlighting the potential for further gains to be made during this extra bullish month.

However there is reason to believe this progression might be coming to a halt based just on techincal analysis. Below you can see a chart with the Stoch RSI included.

I believe this of interesting because it is sitting well within the upper bands and has gone above the 97 mark where we last saw a drawback during this bull run. I also must add that the Bollinger Bands upper band as well are constantly being touched throughout which offers the opinion that we might just be in a position for a retrace.

Yet much does depend on whether the 113 barrier is broken and held, as stated above this has offered resistance during the current bull run and earlier in the year where we first saw the decline of the currency pair.

This is conclusion raises the question as to whether we are going to see another retreat or a full blown fall as market confidence begins to decline. I as always am just offering my opinion and could be completely wrong, so it will be interesting to see how this market pans out.

Peace.

The Naive Trader.

TradingView.com, 2018.