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    USD/JPY: bullish wedge forming

       
    The pair has formed a bullish wedge pattern, which I have drawn on the chart below. A break above Thursday’s 123.72 highs would provide confirmation of a clear breakout from the pattern and further upside, most probably all the way up to the monthly pivot situated at 124.41.

    The upper border-line of the wedge has been touched three times showing that it is an important level to watch, and that any breakout higher is likely to be quite strong.

    On lower time-frames the pair is pulling back after touching resistance at the Monthly Pivot. This pull-back is only expected to be temporary, however, before the pair rotates and starts to move higher again. Even so it could still pull back further to the 61.8% Fibonacci level for the previous rally at 122.50, first, before rotating higher again.
    USDJPY03

       
    The pair has formed a bullish wedge pattern, which I have drawn on the chart below. A break above Thursday’s 123.72 highs would provide confirmation of a clear breakout from the pattern and further upside, most probably all the way up to the monthly pivot situated at 124.41.

    The upper border-line of the wedge has been touched three times showing that it is an important level to watch, and that any breakout higher is likely to be quite strong.

    On lower time-frames the pair is pulling back after touching resistance at the Monthly Pivot. This pull-back is only expected to be temporary, however, before the pair rotates and starts to move higher again. Even so it could still pull back further to the 61.8% Fibonacci level for the previous rally at 122.50, first, before rotating higher again.
    USDJPY03


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