USDJPY - Completes Breakout Structure, Bullish Bias | May 26

USDJPY – Breakout Of Major Structure, Bullish Bias (Daily chart)
As we’ve been saying for weeks now, the USDJPY has broken out of a major structure which has held serve since the beginning of this year (and part of last year) at the 121.99 level.

The pair today surged to touch the 123 handle but did so with a large impulsive bar. I’m suspecting pullbacks will be bought so am looking to get long at the role reversal level at 122. Upside we have 123 and 123.60 which is the 2007 peak.

Only a daily close below 121 negates my bullish bias.

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