USDJPY: Break Above of Falling Trendline amid Strong Rebound
USDJPY is about ready for a fresh new bullish trend after a hawkish FOMC.
The price saw itself surging as it rebounded off from a key demand zone supported by a 4-month rising trendline and after the completion of an ABCD pattern.
The price has now closed above the falling trendline and stands above the previous high of 111.55, thus affirming a new bullish trend to carry on.
The price is now in the process of consolidation before the next bullish wave.
For a long position, we will wait patiently for the price to retrace below 111.40 to 111.20.
A stop loss just below the previous low of 111.03 should be sufficient, provided the retracement completes without any signs of strong selling pressure.
The price saw itself surging as it rebounded off from a key demand zone supported by a 4-month rising trendline and after the completion of an ABCD pattern.
The price has now closed above the falling trendline and stands above the previous high of 111.55, thus affirming a new bullish trend to carry on.
The price is now in the process of consolidation before the next bullish wave.
For a long position, we will wait patiently for the price to retrace below 111.40 to 111.20.
A stop loss just below the previous low of 111.03 should be sufficient, provided the retracement completes without any signs of strong selling pressure.
