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.


Read my latest article on Trading Support & Resistance with Price Action

Want More? My private members get all my trade ideas & market commentary up to 3x per week. Click here to become a member.

Verified Profitable Trader

Hi, I'm Chris Capre, Founder of 2ndSkiesForex. I've turned $3,000 into $83,000 in my first 6 months of trading. I'm a verified profitable trader and trading mentor. I help traders of all levels change the way they think, trade and perform. As a professional trader, I specialize in trading price action and the Ichimoku cloud. As a trading mentor, I have one goal: to change the way you think, trade and perform using 18yrs of trading experience and cutting edge neuroscience to wire your brain for successful trading. Want to improve your trading edge and mindset? Check out my trading courses here.

Related Article