The USD/JPY retraced back to the broken resistance level of 110 and used it as a support area for a bullish bounce and uptrend continuation. Price now has plenty of space for another bullish impulse within the uptrend. Price seems ready to move higher towards the 50% Fibonacci level and the top of the uptrend channel.
The USD/JPY broke above the resistance of the bull flag chart pattern and used the broken resistance as a bouncing spot for further upside. This breakout indicates a bullish continuation towards the Fibonacci targets of wave Y (pink).
