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USD/JPY rallied after passing above the minor downtrend line. As I mentioned earlier, the price could start rising again as long as it is above the uptrend line.
The minor decline helped us catch a new upward movement. Currently, the pair is trading above 109.63, its previous high. Breaking above this level signals that USD/JPY could resume its upward movement towards the higher level of 110.88.
The current breakout above the previous high of 109.63 is seen as a buying opportunity. So, consolidation above this level and a rise above 109.80 could create a buy signal with a view to reaching the first target at 110.00.
The levels of 110.50 and 110.88 can be seen as top targets if the pair continues to gain in value. The outlook is bullish as long as it is above the uptrend line.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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