USDJPY - Next Breakout-Attempt right below 112.74 ahead

Sunday, 2018-10-21

The daily chart of the USDJPY displayed a V-Pattern (light blue V-like shape on the chart) which began to evolve in January and was completed in July. The upward move of the V-Pattern was then followed by a Pullback which broke the primary Upwardtrend (left red line on the chart) within the current upward move. Price then found Support and a secondary Upwardtrend (right red line on the chart) was established which eventually led to another attempt to break through the Minor BreakoutLine (lower luminous green line in the chart). That attempt turned out to be a False Breakout, however price marked a new yearly high at that point and a new Intermediate BreakoutLine (top luminous green line on the chart) developed. After falling back below the Minor BreakoutLine price found Support and rebounded once more at the secondary UpwardtrendLine where it is now still consolidating right below the Minor BreakoutLine.