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USDJPY has broken major resistance, potential upcoming rally!

Long
U.S. Dollar / Japanese Yen (FX:USDJPY)  
Tickmill Broker  
FX:USDJPY   U.S. Dollar / Japanese Yen
Trend Analysis Harmonic Patterns Chart Patterns USDJPY USD jpy usdjpyshort usdjpylong usdjpyanalysis usdjpydaily usdjpybuy usdjpylongsetup
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trendanalysis harmonicpatterns chartpattern usdjpy usd jpy usdjpyshort usdjpylong usdjpyanalysis usdjpydaily usdjpybuy usdjpylongsetup
USDJPY has broken major descending resistance and also overlap resistance triggering a strong rally. We look to buy above major support at 106.41 (Fibonacci retracement, horizontal overlap support, breakout level) for a push up all the way to 107.85 resistance (Fibonacci retracement, horizontal swing high resistance).

RSI (55) has made a similar bullish exit signaling that we’ve seen a change in momentum from bearish to bullish.

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This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
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