USDJPY broke above a 6-month Resistance level.

The USDJPY pair gave us the buy entry we wanted last time (see chart below) almost 2 months ago and we took a successful trade:


Right now it is above the 138.210 level, a Resistance that was in effect since December 01 2022. This is a short-term bullish break-out call, so we turn bullish again targeting Resistance Zone 1 at 142.000, which also happens to be the top of the 6-month Channel Up. After this leg is completed, we will short at least as low as the 1D MA50 (blue trend-line), targeting an internal Higher Lows trend-line at 137.000.

On the other hand, if the price breaks below that Higher Lows line first, we will sell the break-out and target the bottom of the Channel Up at 132.000. If selling escalates further and we the pair closes a 1D candle below the Channel Up, we will take a new sell targeting the January 05 2021 Higher Lows trend-line at 126.000.

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