Technical Reports: USDJPY Above the Triangle Pattern: Buy USD vs.JPY!

Support and Resistance LevelUSDJPY first attempt at 99.50  was faced by massive selling  and retreated to as low as 97.59 last November 7, creating a resistance  at said area. From then on the pair rallied and as of this writing is above 99.50 which now may be considered as the support and coincidentally the level above the triangle pattern shown on the daily chart.

 With the pair hovering above the triangle pattern level of 99.00, that signifies  the resumption of the US$ strength is underway. Bias is on the upside as long as the areas of 99.50-99.10 holds for initial goal at 100.65.

Buying position is recommended at 99.35. Stop loss at 98.90 which is below the triangle line. Take profit at 100.61 or near said resistance.Trend IndicatorsTriangle pattern breach indicated a rally on said pair may continue in the coming days.Buying opportunities call for this pattern.OscillatorsRSI (68.22) trendline break-out shows that the resumption of the USDJPY bull run may continue although it is nearing the 70% area in two-three days.