USD/JPY Awaiting Breakout at the Crossroad

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USD/JPY Awaiting Breakout at the Crossroad

The USD/JPY pair was threatening to revive its prevailing uptrend last week, but ended up in consolidation at the crossroad. Let’s take a look at the charts to assess the pair’s technical set up.

The  USD/JPY found support and rallied to 118.85 where it is now consolidating between that resistance as 117.16. A break above 119 should expose the 120 level where there is another falling speedline. A break above 120 then exposes the 121.80, 2014-high.

However, if price falls below 117.15, USD/JPY will remain in consolidation, and will be pressured towards the 115.56-116 lows.

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Fan Yang has been a professional forex trader and analyst since 2007. He specializes in technical analysis and has a Chartered Market Technician designation since 2011. He was the chief technical strategist at CMSFX He was also the founder and chief currency strategist at FXTimes Over the years, Fan has not only been a trader and analyst but also an educator. As a proponent of both technical and fundamental analysis in trading, Fan advocates simplicity and discipline as key factors in making trading decisions when faced with so many "clues" and "signals". Currently Fan Yang is the chief currency analyst and webinar instructor at forexminute.com.