USDJPY has been moving upward after breakout of the triangle pattern. That movement was divergent from the previous trend. It happened because US Dollar strengthened last Friday. Opposite situation was at EURUSD where that currency pair moved downward. The range after the breakout from mentioned pattern was already achieved.

Currently USDJPY has reached resistance after previous dynamic rebound from 100.00 level. Strong resistance is located at 103.60 and in this area there is also downtrend line. Rebound should occur in a moment because fast breakout such strong resistance is unlikely.



USDJPY_H4

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Author of worldtrader.pl blog and big supporter of technical analysis. Active medium-term trader. In his analysis uses classical charts, price action as well as harmonic patterns and Elliott Waves. In trading he always tries to take into account two points of market's view, in accordance with the principle that each transaction may be attractive both for the demand and supply traders.