By breaking 102.80, the bull triangle base case is now front and center and the alternate breakdown case has been negated. The implications for this bull triangle breakout are for a new uptrend to carry prices to a new high above 105.44 in the coming month(s). (daily) S/t, prices ran right through the 102.27 target and failed to offer a minor pullback as expected. Prices are extending in a clearly impulsive bullish wave pattern. Based on the recent spike in RSI we would expect another 2 highs to complete waves-3 & (3) before a more substantial correction/range develops. (hourly) Conviction: Med/High Trade: Long @ ~102.83; SL 101.75; TP 104.80/105.35 Levels: Support – 102.60, 102.16, 101.79 Resistance – 103.09, 104.13, 104.84
Read the full report: USDJPY