USD/JPY broke above the December 2014 high and closed well below. Recent price action appears to be trending after a consolidation breakout, near 120.40-120.65, to the upside and break above, also, above the falling trend line drawn over previous highs . A possible retest of this trend line which lies in confluence with the 20 ema, a previous horizontal (now support) level (at ~120) and the 50% retracement with the sight of low test bar/hammer/reveral pin bar would be a strong signal to take the trade long. Succinctly, waiting for bullish signs at the next higher low.
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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.