USD/JPY: 4-hour
After spending weeks consolidating inside a descending triangle forex formation, USD/JPY finally picked a direction and broke to the upside! This suggests that the pair could be in for more gains, possibly until the previous highs near the 122.00 major psychological resistance. Stochastic is already indicating overbought conditions though, which means that buyers are starting to feel exhausted and that sellers might take over. If that happens, USD/JPY could make a pullback to the broken triangle resistance near 119.50 before resuming its climb.
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