USD/JPY broken out of 6 year flag & pennant formation?
For the past 18 month the USDJPY cross has been quiet.
Zoom out to a monthly candle chart and it appears to have formed a flagpole (late 2012-mid2015) and a pennant (mid-2015 - late 2018).
Last few months had a pickup in volume breaking out of the upper line of the pennant and from the top of the flagpole to the lowest point of the pennant represents a 50% retracement of the bull run.
Close above 114.2 (monthly) would be bullish for this cross.
Zoom out to a monthly candle chart and it appears to have formed a flagpole (late 2012-mid2015) and a pennant (mid-2015 - late 2018).
Last few months had a pickup in volume breaking out of the upper line of the pennant and from the top of the flagpole to the lowest point of the pennant represents a 50% retracement of the bull run.
Close above 114.2 (monthly) would be bullish for this cross.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.