USDJPY forming a triangle and I am bias to the upside. We are in the 50% to 61.8% Retracement Zone on the daily chart. Price is also near a major psychological level at 109. i would expect a push up to the next major resistance structure near 110 a pullback to a 109.50 then a strong push up to high 111s. The key is to have a close above the 109.50. Additionally, Trump releases Tax Plan next week on Wednesday and says to be massive cuts. Watch for the news annoucement, if sentiment on the plan changes (or fails to have it approved) look out for the dollar to tumble.
As it sits now, the 1 hr TF has already close above the 100 MA and broken the triangle.
If it breaks to the downside look for it to go back to 108 and further.
As it sits now, the 1 hr TF has already close above the 100 MA and broken the triangle.
If it breaks to the downside look for it to go back to 108 and further.