We have been paying close attention to this pair for some time now as I was seeing that the sideways consolidation since early December was forming a triangle pattern and a break out would confirm the start of a new upward move that is expected to bring USDJPY to new highs. This pair has just broken outside and above the triangle pattern and is already nearly 200 pips higher. The potential of this pair is to see 125-130 and Trading2day subscribers of our FX service have all been notified promptly of our analysis and view and saw me in real time open long positions and risk manage my positions during the last part of the triangle pattern before the breakout.
The weekly chart as shown above is breaking above the triangle pattern that is very similar to the previous triangle patterns that led to good tradeable rally as well. This is our expectations for this time too. I expect this pair to rally towards 125-130 area and not pull back below 117 again for some time.
In the daily chart above we observe that price is now also breaking above the Ichimoku cloud and this is another bullish sign. Combined with the triangle breakout this is a bullish sign that supports my bullish expectations. If you want to have access to my analysis and personal trades, all you have to do is to become a subscriber to our services for only 34.95$.
As always, thank you for taking the time to read my new post.