FX.co ★ Daily Video Analysis: USDJPY (Trendline Bullish Breakout!)

Today we take a look at USDJPY. Combining advanced technical analysis methods such as Fibonacci confluence, correlation, market structure, oscillators and demand/supply zones, we identify high probability trading setups. Price has just shown a bullish breakout from descending trendline. We could potentially see a bounce at our buy entry, in line with our 38.2% Fibonacci retracement, and a further rise up towards our take profit levels which are in line with -61.8% Fibonacci retracement and horizontal swing high resistances. The Stochastic indicator is also holding above an ascending trendline support in line with our bullish bias.