Relevance up to 15:00 2020-05-20 UTC–5
USDJPY has managed to break above the recent highs at 107.62 and has now formed a sequence of higher highs and higher lows. This pattern has now potential to push price towards 108.55 and why not higher.
Black lines – wedge pattern
Red lines – equal size move
USDJPY has broken above the wedge pattern and this was a bullish signal. USDJPY has since then pulled back forming a new higher short-term low and is now moving to new short-term higher highs. Trend is bullish as long as price is above 106.77. USDJPY bulls will now be targeting 108.60. Bulls remain in control as long as price is above 106.77
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Performed by Alexandros Yfantis,
InstaForex Group © 2007-2020
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