It looks like the USD/JPY pair could extend it's recent gains
even further if price holds at the 106.030 level and continues
At the 61.8% Fibo retracement level is also the intersection
of the two as depicted. Typically after price
breaks a support or resistance I look where the two
intersect; if price holds at the intersection then
the breakout can be deemed valid - at least for me.
The resulting pattern targets 108.076 which would
result in breaking the 200SMA above and a medium term
Look to enter a long trade once price closes above
106.271 (50% Fib retracement level).
Entry: Close above 106.271
Overall I believe the main trend is still - which I
will show in the next analysis - but for the mean time a
run could be in the making
Also, keep an eye on the S&P500 as this pair correlates quite well with it.