FX.co ★ USDJPY at major triangle support

USDJPY continues to hold above the 108 price level and inside the long-term triangle pattern. Current price action provides a favorable opportunity for being bullish as price is very close to major support and stop level for bulls. Bouncing off the lower triangle boundary is a highly probable scenario.

USDJPY has support area at 107.70-108. Price so far respects the lower triangle boundary and as long as price remains above it, we could next see a bullish move higher towards 110-111. I'm currently bullish USDJPY looking for a move higher over the next few weeks. Stops are very close and we do not risk too much.