USD/JPY in a Bullish Breakout

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USD/JPY in a Bullish Breakout

The USD/JPY has been bearish so far in 2015, but might be turning that around this week. Let’s take a look at the price action.

Rebounding from 116, USD/JPY has now broken above a falling trendline from January’s highs. There might be some resistance around 119, but there should also be support around 118. If USD/JPY does stay above 118 and pushes above 119, it exposes the highs around 120.70-120.80.

However, the daily chart shows that 120 might be a challenge as well. There is a falling speedline there, and if price retreats from 120, it remains in a consolidation, in what appears to be a descending triangle with downside risk towards 115.56-116.

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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.