USD/JPY Flat Top Ascending Triangle Hints Bullish Continuation

The USD/JPY has formed a flat top ascending triangle pattern. Although, the pattern is still running (no vortex has been formed), this is a bullish configuration. The price has already broken above the upper flat trend line and we might see a continuation above 111.00. In the case of a retracement, 110.50-60 is the POC zone for a possible bounce. Targets are 111.00 and 111.54. Ideally, the price should stay above 110.20, else we might see a bearish momentum.

• W L3 – Weekly Camarilla Pivot (Weekly Interim Support)
• W H3 – Weekly Camarilla Pivot (Weekly Interim Resistance)
• W H4 – Weekly Camarilla Pivot (Strong Weekly Resistance)
• D H4 – Daily Camarilla Pivot (Very Strong Daily Resistance)
• D L3 – Daily Camarilla Pivot (Daily Support)
• D L4 – Daily H4 Camarilla (Very Strong Daily Support)
• POC – Point Of Confluence (The zone where we expect the price to react aka entry zone)

Best wishes,

Nenad

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