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USD/JPY in a Bullish Continuation Breakout

USD/JPY is in a bullish continuation breakout after a period of consolidation. 

USD/JPY Daily Chart

(click to enlarge)

Ranging:
- From the daily chart, we can see that USD/JPY has been essentially range-bound throughout 2017. 
- In September, price cracked the previous range support but rebounded sharply.
- This was a "false bearish breakout". 
- USD/JPY then continued until 113.25, then consolidated for a few weeks. 
Bullish Breakout:
- After this consolidation price ended up above the 200- and 100-day simple moving averages, a sign that bulls are in control.
- Then, we saw price break above the recent consolidation to close out the previous week.
Upside:
- The breakout continues the recent short-term bullish trend and is extending it into the medium-term.
- This scenario puts pressure on the 114.35 resistance.
- Because the current swing is following a false break to the downside, I think price will push through the 114.35 resistance and test the 115.60 resistance.

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