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USD/JPY Bullish Inverted Rooftop Pattern Hints for Further Gains

Nenad Kerkez

Hi traders,

The USD/JPY has made a breakout off the inverted rooftop pattern. Continuation looks like a form of ascending scallop pattern.

The stable rate outlook in the USA, provided some risk-on buying activity after the heavy sell-off from Global Equities towards the end of calendar year 2018.  This is reflected in the USD/JPY pair, and we might see a continuation on bullish price action on intraday charts. 109.35-50 could spur a new wave of buyers should the price drop and retest the level. The First target is 110.10 followed by 110.50 and 110.75. Break below 109.17 and the pair is neutral again.

The analysis has been done with the CAMMACD.MTF template.

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Many green pips,
Nenad Kerkez aka Tarantula FX
Elite CurrenSea

This article was originally posted on FX Empire