What's next for USD/JPY?
USD/JPY broke above the December 2014 high and closed well below. Recent price action appears to be trending after a consolidation breakout, near 120.40-120.65, to the upside and break above, also, above the falling trend line drawn over previous highs . A possible retest of this trend line which lies in confluence with the 20 ema, a previous horizontal (now support) level (at ~120) and the 50% retracement with the sight of low test bar/hammer/reveral pin bar would be a strong signal to take the trade long. Succinctly, waiting for bullish signs at the next higher low.
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