USDJPY had been building strong bullish momentum before slowing into an ascending base beneath resistance.
The key development is that price has now broken above that ceiling with a decisive bullish impulse, suggesting buyers have regained control after the period of consolidation.
From here, I'm watching for a brief retest of the breakout area. If that former resistance holds as support, the next projected move points toward 164.000, measured from the height of the consolidation and extended from the breakout point.
The key development is that price has now broken above that ceiling with a decisive bullish impulse, suggesting buyers have regained control after the period of consolidation.
From here, I'm watching for a brief retest of the breakout area. If that former resistance holds as support, the next projected move points toward 164.000, measured from the height of the consolidation and extended from the breakout point.
Trade closed: target reached
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.