The primary pattern in USDJPY is the large Symmetrical Triangle, formed from the 2015 highs and 2016 lows.
We have since broken to the upside, to form a secondary Ascending Triangle, which is bullish.
If price couldn't rally to test the prior highs in the 114 area, my medium-term bias would have been neutral. But the fact that price has rallied to this level for the 4th time in 2 years, indicates that a new uptrend might be just beginning.
First target would be the 118 area, followed by the 123 area.
I am bullish-biased, but flat, awaiting a suitable entry.
We have since broken to the upside, to form a secondary Ascending Triangle, which is bullish.
If price couldn't rally to test the prior highs in the 114 area, my medium-term bias would have been neutral. But the fact that price has rallied to this level for the 4th time in 2 years, indicates that a new uptrend might be just beginning.
First target would be the 118 area, followed by the 123 area.
I am bullish-biased, but flat, awaiting a suitable entry.