The USDJPY is currently attempting to develop a decisive bullish breakout from the major Triangle pattern.
If the price action manages to penetrate above the upper end of the Triangle and the 100-day MA (in blue), then it would be free to target the 61.8 per cent Fibonacci retracement level. The latter underpins the first major bullish target.
The mounting bullish momentum is also elucidated by the MACD indicator.
If the price action manages to penetrate above the upper end of the Triangle and the 100-day MA (in blue), then it would be free to target the 61.8 per cent Fibonacci retracement level. The latter underpins the first major bullish target.
The mounting bullish momentum is also elucidated by the MACD indicator.