USD/JPY in a Breakout after a Breakout

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The USD/JPY was bearish this week, but is wrapping up the last couple of sessions with a bullish reversal signal. Let’s take a look at the charts to assess USD/JPY’s technical conditions.

After a dip from 121.84 to 117.43, USD/JPY rallied and broke above this week’s falling trendline. It then consolidated under 119.50, but during the 12/12 session, it is breaking above the intra-session consolidation on the back of better-than-expected UMICH consumer sentiment data. This looks like a bullish continuation, and as long as USD/JPY holds above 118.00, there is upside back to the 121.84 high on the year, then the 124.16, 2007-high.

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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.