USD/JPY - SYMMETRICAL TRIANGLE BREAKOUT WOULD ADD TO BULL TONE
USD/JPY pair snapped back to 100+ levels as expected in the European session update.
Pair's rebound from 100.71 (50% of 2011 low-2015 high) if followed by a bullish break from the symmetrical triangle formation on the hourly chart would mean a temporary bottom is in place at 100.18 and open doors for a rise to 102.00 levels.
On the contrary, fresh weakness from the current rate of 101.20 if followed by a break below 100.71 on day end closing basis would be a signal that retreat from the post Brexit high of 103.20 has resumed and the pair could very well re-test 99.00 levels in the short-term.
Pair's rebound from 100.71 (50% of 2011 low-2015 high) if followed by a bullish break from the symmetrical triangle formation on the hourly chart would mean a temporary bottom is in place at 100.18 and open doors for a rise to 102.00 levels.
On the contrary, fresh weakness from the current rate of 101.20 if followed by a break below 100.71 on day end closing basis would be a signal that retreat from the post Brexit high of 103.20 has resumed and the pair could very well re-test 99.00 levels in the short-term.
