#USDJPY: Two levels to watch for the up-coming direction #forex

FX:USDJPY   U.S. Dollar / Japanese Yen
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We have been consolidating in sort of sideways pennant pattern recently as shown on chart, within the context of a bigger sideways consolidation between 122.00-115.00 levels.

Yesterday's daily candle was a sort of high-wave candle, marking 119.90(candle high) and 118.48(candle low) as key levels to watch for the next potential breakout direction. A break above 119.90 will probably complete a breakout above the descending resistance for the recent consolidation as well. in addition to the 50-days SMA , that could favor the bullish scenario, targeting 120.85 and 121.80.

Alternatively, a breakout below 118.48 could target the rising trend line shown on chart as an initial downside target.

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Im looking for the topside breakout and retest.
Very nice chart and explaenation. many thanks.
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