UsdJpy- Consolidation before resumption to the upside
After the strong leg up started in the middle of May and the break above 137.50 important resistance, UsdJpy reached a high at 141 zone and has started to consolidate.
The consolidation is forming a symmetrical triangle which usually leads to continuation.
We can consider two bullish scenarios for this pair:
1. A break above the triangle's resistance and a rise to 145 zone
2. A break of triangle's support and a retest of 137.50 zone support followed by a continuation of the up trend.
As for negation, 137.50 is now confluent support and a break of this level could put the pair on a downtrend
The consolidation is forming a symmetrical triangle which usually leads to continuation.
We can consider two bullish scenarios for this pair:
1. A break above the triangle's resistance and a rise to 145 zone
2. A break of triangle's support and a retest of 137.50 zone support followed by a continuation of the up trend.
As for negation, 137.50 is now confluent support and a break of this level could put the pair on a downtrend
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