FX.co ★ Bullish flag forming in USDJPY.

Blue lines- bullish flag

The last couple of trading sessions USDJPY has been mostly moving sideways inside a tight trading range. Price has paused its sharp rise from 140 to 144.80 and has most probably formed a bullish flag pattern. Breaking above the flag pattern and the recent trading range coincides with the break of the horizontal resistance and recent yearly highs. This increases the importance of the resistance at 145-145.30. Short-term support is at 143.90. Failure to hold above this level cancels the bullish flag scenario.