The USDJPY looks ready to break above 109.30.
I talked about the potential for a bullish breakout last week.
The pair has been hovering just below the 2015 trend line, which usually suggests an imminent break higher.
Furthermore, the USDJPY has been on a tear since late-January.
And as I told DPA members last week, I have to respect that momentum.
You can see just how bullish USDJPY has been from the weekly chart.
That momentum is the reason I’m not interested in shorting this market from the 109.00 area.
Instead, I prefer watching for buying opportunities following a close above 109.30 or thereabouts.
A daily close above 109.30 would open the door to the 2020 high at 112.00.
Just keep in mind that a weekly close above the multi-year trend line would help confirm the breakout.
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