USDJPY bull flag pattern.

On the daily FACE webinars for the last couple weeks we have noted huge resistance in the USDJPY at the 114.70 level, but we have also warned that the pair had very shallow pullbacks and while above the 112.50 level you want to stay bullish. Today we closed at multi year highs and are at levels not seen since early 2017. The bull flag pattern targets a move to 118.00 so we’d expect that in Asia trade today stops above the 115.00 level may be at risk of being triggered, potentially fueling a move higher.

Blake Morrow