MEX_Exchange
Long

USDJPY starting to break out nicely, time to turn bullish

FX:USDJPY   U.S. Dollar / Japanese Yen
USDJPY             has started to form a bullish exit, time to start buying to play the breakout.

Buy above 105.85. Stop loss at 105.40. Take profit at 107.09.
Reason for the trading strategy (technically):
Price has started to break out of our descending resistance-turned-support line signalling that a change in momentum should be expected. We look to buy above major support at 105.85 ( Fibonacci retracement , horizontal overlap support, breakout level) for a push up to at least 107.09 resistance ( Fibonacci retracement , horizontal swing high resistance). We do have to be cautious with our immediate resistance at 106.44 ( Fibonacci retracement , horizontal overlap resistance) which needs to be broken to open a further bullish recovery.
RSI (34) sees descending resistance which coincides with our resistance at 106.44. A break above our descending resistance needs to occur before a further rise can be expected.
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