IamMuffee

USDJPY. Is that a breakout? or fallback?

FX:USDJPY   U.S. Dollar / Japanese Yen
USD/JPY             started the last week breaking below a descending triangle , but was not able to extend lower. Instead it continued to consolidate, and surged after the NFP report.

In this chat we can see that the market is on the upper Trendline of a triangle which is now in a challenging situation. If this dynamic resistant zone break successfully, it will expose the horizontal trendline resistant which is at 120.80 area as well as the last years high 121.80 (~). At the same chart, we drew 2 EMA which are 55 Days EMA (Red one) and 200 Days EMA (Blue one) which are well below the market. This is also indicating a bullish bias in this currency pair.

On the other hand. If the triangle trendline resistant can't be broken, it will fall to nearest support zone to 118. xx             or less depending on how BOJ reacts with these sort of challenge this week.

In Lower TF: In 4 Hour Time frame, I can see a Bearish Gartley is formatting which may complete around 119.70-80 area. (uploading the image in the comment section). We can hope this market may not get further up than this point. (Which is also a medium level resistant area).

Nevertheless, I'm expecting some sort of retracement before the breakout happens to the upper side. We may even see a gap opening (in lower TF).
Probably going down again into wave 5.
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IamMuffee TomProTrader
Well, it may be the retracement she needs after a quick upward move.
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There is a bearish gartley completes around 119.70-80 area on 4 Hour Chart which is indicating a fall from that area.
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