USDJPY Setup to Breakout from 1 Month Daily Channel

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Long

US DOLLAR / YEN (FX_IDC:USDJPY)

FX_IDC:USDJPY US DOLLAR / YEN

usdjpy usdjpylong

The 1 month channel (looking from 2 hr bars) shows a declining range. However, price failed to break below 111.50, actually bouncing off 115.70 to forma moderately higher low, an initially bullish indication.

Now with price consolidating around 114, demand appears to be building towards a break up.

Comment: Correct call- breakout occurred, for a 1% rally. Next level to watch is 115.5. I anticipate a break through this would mark a considerable move higher.

Trade closed: stop reached

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