Bullish Breakout for USDJPY???

29 בינו׳ 2015

We have been waiting for USDJPY to come out of this Descending Triangle for some time now. I believe that a breakout will happen sooner than later. I have identified a major structural area (Red Dashed Line) for which the currency has found support/resistance on 4 different occasions. Now we are currently touching the trendline resistance, but what I am looking for is a drop to the 38.2% retracement (which matches the structural support). If that structure holds, then we could possibly see a breakout to the upside.

Trade wisely, Trade responsibly.