USDJPY breakout of level from 1978
I'd be very interested to hear others thoughts on this. Thanks in advance.
Am looking at the current USDJPY breakout as a break of the channel it's been in for 7 years which draws it's first root from 1978 (see the respect of the resistance since 1987). Of course it can still be a fake out if March/April/May candles fail to close above the channel top but I think it is significant enough a level to look for serious USDJPY longs if we get a retest of the 116 channel breakout level.
The current likely start of rate hikes in USA seems to be the ignition for the move.
What do you think?
Am looking at the current USDJPY breakout as a break of the channel it's been in for 7 years which draws it's first root from 1978 (see the respect of the resistance since 1987). Of course it can still be a fake out if March/April/May candles fail to close above the channel top but I think it is significant enough a level to look for serious USDJPY longs if we get a retest of the 116 channel breakout level.
The current likely start of rate hikes in USA seems to be the ignition for the move.
What do you think?
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