We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Bullish
Oil - US Crude
Bearish
Wall Street
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Bullish
GBP/USD
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
USD/JPY
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • US President Trump giving a briefing on #coronavirus outbreak, live now - https://t.co/iCo5T8VoNW
  • Heads up: We're about to get a press conference from #Trump. Will be tweeting key comments from his speech.
  • Join analyst @DavidJSong at 6:30 PM ET/10:30 PM GMT for your weekly update on key news trading events. Register here: https://t.co/gBlrRpCc55 https://t.co/adV1kFEwKg
  • Market snapshot: Oil-linked Norwegian Krone edging higher vs G10 FX early into Asia trade
  • How can traders avoid #FOMO in trading? Start by implementing a well-heeled plan taking only four hours per week. Get your insight from @JStanleyFX here: https://t.co/vwUShQPc27 #tradingstyle https://t.co/0t2meOWXuU
  • (Asia AM) The Australian Dollar may wilt but can that break the near-term $AUDUSD uptrend? Weekend Dow Jones futures hint a “risk-off” tilt that may boost the Japanese #Yen and haven-linked US #Dollar #USD - https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2020/03/29/Australian-Dollar-May-Wilt-as-Yen-and-US-Dollar-Rise-in-Asia-Trade.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/WGYOUEHzNG
  • How can you be a part-time trade? Get your tips on workflow and strategy here with@WVenketas: https://t.co/b8ywNOOgx9 #tradingstyle https://t.co/PoEtcYbBcu
  • #USDZAR fell to a record low after ratings downgrade https://t.co/IlUGUSrvGI
  • After the pattern is composed with the closing of the signal candle, then you can look to the following candle to identify a clear bias and risk points. Learn how to apply this knowledge to a trading strategy here: https://t.co/uh3NwgHBVv https://t.co/dUx38k6I6N
  • Weekend Wall Street futures - courtesy of @IGcom - shows the #DowJones down almost -1% heading into Monday's Asia Pacific trading session. This May spell a cautious "risk-off" tilt as the week gets going [delayed] - https://t.co/0ZvPJNGV7q https://t.co/iMhNyyGq0R
USD/JPY Trendline Breakout

USD/JPY Trendline Breakout

2017-01-19 18:59:00
Walker England, Forex Trading Instructor
Share:

Market Condition: USD/JPY Bullish Breakout

Target 1: 116.40

Target 2: 117.40

USD/JPY, 1Hour Trend with Trendline Breakout

USD/JPY Trendline Breakout

(Created Using TradingView Charts)

The USD/JPY has broken out above a short term trendline, pushing the pair back in the direction of its primary daily trend. For reference, the trendline as depicted above has been created by connecting a series of lower highs starting with the standing 2017 high at 118.61. This line was previously acting as a value of resistance, but may now be seen as a point of support. As long as the USD/JPY remains above this point, traders may elect to initiate new positions with the trend.

In the event of a false breakout traders will first see prices retreat back under the drawn trendline. Traders may elect to close any buy based positions at this point, but more conservative traders may elect to manage risk below the pair’s previous swing low at 114.40. In this bearish scenario, the USD/JPY would be putting in new lower lows, which would suggest an end to the markets current bullish momentum.

--- Written by Walker, Analyst for DailyFX.com

To Receive Walkers’ analysis directly via email, please SIGN UP HERE

See Walker’s most recent articles at hisBio Page.

Contact and Follow Walker on Twitter @WEnglandFX.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.