Has USD/JPY Finally Broken Out?

FX:USDJPY   U.S. Dollar / Japanese Yen
20 May USD/JPY             Daily

21:03 EST - Has this pair finally broken out to the upside?

With the break of 120.250, clearing the red trendline is pushing this pair up to the 120.870 resistance level . Clearing here, while probably difficult should allow this pair to make a run at 121.850 - 122.000 levels set in Mar & Dec.

We will be buyers on any pullback while remaining above the red trendline . bidding at 120.450. Our stop will be a break of the green trendline or 118.500.

This analysis is brought to you in-conjunction with our Unique Forex Forecasting Algorithm. Unlike traditional lagging indicators our Unique Forex Forecasting Algorithm gives a price prediction with percentage chance of the trade moving as forecast. For more information please visit http://www.forextrading.unique4x.com
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