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.
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