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Fan Yang

USD/JPY - More Evidence for Bullish Continuation

The USD/JPY has been consolidating in a triangle since December. Last week, price action broke above this triangle, signaling bullish continuation that exposed at least the 121.70, 2014-high. 

USD/JPY Daily Chart 2/19
(click to enlarge)

Since the breakout last week, USD/JPY made a high at 120.50 and started to pull back. The 4H chart shows that price came back to about 118.25. 

Note that price still held above the cluster of 200-, 100-, and 50-period SMAs. This confirms bullish bias. Also, the 4H RSI has held above 40 after tagging above 70, showing maintenance of the bullish momentum. 

Today, after price held above last week's low, we are seeing more evidence that the USD/JPY is entering a bullish continuation mode.

USD/JPY 4H Chart 2/19
(click to enlarge)

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