USD/JPY breakout March 15 2015

The U/J pair is setup nicely in a corner for a breakout, most likely to the top on talks of increasing US interest rates. A break above 122 leaves two targets to be desired at the 127% and 161% fib levels. While a break on the blue trend line sets it up for either a stop at 115, or completion of a bullish Cypher, where the pair will pick up it's long term up trend.

Two targets each side, set your TPs and stops.

Happy trading.