USDJPY – A Yen Breakout?

05 Feb - USDJPY Daily Forex Chart

(Click on image for larger view)

Hi All,

A quick update on the USDJPY. As you can see from above, the Yen has made significant highs since Q3 2011. While the trend is been bullish in the longer term, Yen made some corrections recently.

05 Feb - USDJPY 4Hr

(Click on image for larger view)

Drilling down to a smaller timeframe (4 Hour chart), there is a wedge pattern forming. Like the previous triangle (shown on the daily), price often breakout with momentum after a consolidation. Will the Yen move higher or is this a reversal? My bias is towards another bullish continuation run but, as always, price action is key.

Thank you for reading and happy trading!

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