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USDJPY has broken major resistance, potential upcoming rally!

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USA-dollar/Japansk yen (FX:USDJPY)  
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FX:USDJPY   USA-dollar/Japansk yen
Trend Analysis Harmonic Patterns Chart Patterns USDJPY USD jpy usdjpyshort usdjpylong usdjpyanalysis usdjpydaily usdjpybuy usdjpylongsetup
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trendanalysis harmonicpatterns chartpattern usdjpy usd jpy usdjpyshort usdjpylong usdjpyanalysis usdjpydaily usdjpybuy usdjpylongsetup
USDJPY has broken major descending resistance and also overlap resistance triggering a strong rally. We look to buy above major support at 106.41 (Fibonacci retracement, horizontal overlap support, breakout level) for a push up all the way to 107.85 resistance (Fibonacci retracement, horizontal swing high resistance).

RSI (55) has made a similar bullish exit signaling that we’ve seen a change in momentum from bearish to bullish.

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Losses can exceed the initial investment so please ensure you fully understand the risks.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
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