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USDJPY pending breakout? 

Last Updated: May 14, 2022

By Rayner Teo

USDJPY Weekly Chart:

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The weekly chart shows that USDJPY has been in a steady uptrend since Oct 2012.

Notice the 1st triangle pattern that took 25 weeks to form before it finally broke out.

Now, we have another potential triangle pattern which has been consolidating for about 27 weeks now.

If the historical pattern holds true, we should see another breakout in the coming weeks.

The Daily Chart:

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The daily chart here shows this currency consolidating between 101 & 104.

Looking to long at 101

Stop loss 70 pips

1st target at 102.60

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