This was a scalp trade I took early this morning. USDJPY is creating a double top as of right now, but it is still in a strong uptrend.
USD/JPY looks poised to break out above the 13939 level and test, if not outright break above the 140 level. The hourly chart has a nice ascending wedge forming after breaking out of a symmetrical triangle on Friday.
Should we see the 140 level here shortly we will want to pay close attention to how price behaves. The expectation is that we will at least test this level, perhaps exceed it by a little before possibly failing. However, if USD/JPY blows through 140 like it did 120 then we could see much higher levels. Looking to the left on the weekly/monthly chart there isn’t anything until the 1998 high at 147.
USD/JPY looks poised to break out above the 13939 level and test, if not outright break above the 140 level. The hourly chart has a nice ascending wedge forming after breaking out of a symmetrical triangle on Friday.
Should we see the 140 level here shortly we will want to pay close attention to how price behaves. The expectation is that we will at least test this level, perhaps exceed it by a little before possibly failing. However, if USD/JPY blows through 140 like it did 120 then we could see much higher levels. Looking to the left on the weekly/monthly chart there isn’t anything until the 1998 high at 147.