Mihai_Iacob

Will UsdJpy break above important 150?

Long
FX:USDJPY   Dolar USA/Jen Japoński
At the beginning of the month, BoJ verbally intervened in the market and this verbal intervention led to a quick drop in UsdJpy of 300 pips.
However, losses were quickly regained and since then every dip in price has been bought for this pair.
This led to the forming of an ascending triangle on our charts and could mean a continuation.
A break above 150 would confirm the pattern and based on the measured move could bring UsdJpy at 153 in theory.

Keep in mind that although the structure is strongly bullish, BoJ could act above 150 and quickly reverse the move.

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