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USDJPY preparing for a breakout

Discussion in 'Technical Analysis' started by FXStreet_Team, Dec 2, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    USDJPY is consolidating in a bullish pennant as investors are eagerly awaiting tomorrow's ECB decision and NFP report on Friday. The pair is congested within the bullish pennant and logically it should break to the upside which will confirm the validity of the pattern. If it fails the patter will be unsuccessful. Target for the bullish breakout is determined by adding the height of the flagpole to actual breakout point. We can also see that H3 WPP is making a confluence with the actual pennant

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