USDJPY Analysis 09/02/15

FX:USDJPY   U.S. Dollar/Japanese Yen
200 0 0
Long term trend: Up
Medium term trend: Up
Significant levels: 120.00 (Significant Round Number & Resistance), 117.50 (Support), Triangle pattern

The price is just above the triangle pattern and is going down right now. We are definitely bullish here. The price might reject the downtrend resistance part of the triangle and could act as a support. If that happened, we could go and place our Long trade. But we prefer for the price to go back down to our support area for a cheaper price before it continues to go up. The breakout above the triangle could be also be a false one, therefore the price might go down inside the triangle before resuming the breakout.

All in all, we are bullish and we want to buy this currency pair.
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