Dolar A.S. / Yen Jepun
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USDJPY Bullish breakout from Continuation pattern

The USDJPY major currency pair has produced a break-out to the upside from its bullish triangle and continues to create an intraday break beyond previous highs.
Price action has confirmed a breakout from the bullish triangle, created during the last 3 weeks. A close above the formation on Wednesday, as well as an intraday break above previous tops at 116.34, gives more impetus to the bullish continuation.
The Relative Strength Index (RSI) is printing higher highs, moving further into positive territory and indicates that bullish momentum is accelerating. The slope of the MACD histogram is on the incline, also indicating the strength of the uptrend, with more increased momentum in the short-term. Imitating the RSI, the MACD, is also moving further above its moving average, confirming the bullish sentiment of market traders.
If this bullish price action continues, we could expect to find possible target zones in the form of 118.15 (extending the height of the pattern from the breakout) as well as 118.51, which is a previous resistance level on the weekly chart.
In an alternative scenario, if sellers manage to wrestle away the control and stop the bullish momentum, we could find price action revert back down to find support at 116.34 and further support at 115.60, which would be the upper return line from the continuation pattern.
Summarized, if price action and bullish momentum continues to accelerate higher, we could see this major currency pair go from strength to strength, printing bigger gains.

Penafian