USDJPY Range Breakout Sets Stage for Next Few Months

The USDJPY is ranging for the better part of two months. The breakout direction will set the stage for the next few months.

An upside breakout, which is potentially close at hand, could see the price rally back up to major resistance near 114. Shorter-term target at 111.

If the price can't break the range higher, that sets up a short trade for a ride back toward the bottom of the two-month range.

A downside range breakout could see the price drop back to 105 support, with a shorter-term target at 106.7.