Afternoon traders, USD/JPY is on our watchlist.

Price action has formed a bullish pennant. Testing resistance we are waiting for the bullish breakout. An aggressive entry would be a buy stop above the current high once the bar has closed. A conservative approach would be when price breakouts out of the pennant (as seen in the pictures).

The dollar index (an index of the value of the United States dollar relative to a basket of major currencies) is confirming a bullish run, this also ties in with the seasonal performance we typically see in February.





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