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USD/JPY Breaks Triangle, Tests Rising Trendline

USD/JPY retreated immediately after the opening gap to 104.27. It continues to consolidate and seems to be breaking below a triangle consolidation, dragging the 1H RSI below 40. However, we see a rising trendline mid-August challenging this bearish attempt.

USD/JPY 1H Chart

104 might be a key level in the short-term. A break above 104 can revive he bullish outlook. Holding below 104, keeps USD/JPY in consoldiation/ bearish correction mode.
If the USD/JPY is in bearish correction mode, the 103.10-103.20 area will be very key support. It contains some support and resistance pivots, but most importantly, it will likely be reinforced by a rising trendline from July. 
Now, looking at the bullish scenario, a break above 104 can put pressure back toward the 104.27. Above 104.27, USD/JPY would be extending a short to medium-term bullish trend toward the 2014-high at 105.44.