USD/JPY Price Analysis: Bulls breaking out of bull flag

USD/JPY bulls moving in on critical resistance.
Bull flag playing out in a trilogy on the daily chart.

Ross J Burland FXStreet

As per the prior analysis, USD/JPY Price Analysis: Bears eye a 61.8% golden ratio, USD/JPY moved in on the 61.8% Fibonacci and could now be n the process of making a fresh bull cycle high following last week's bullish weekly close.

Weekly chart

The market is mitigating the imbalance of price from the start of 2002's business. While the weekly rally is relatively overdone and parabolic, a correction may only come should the daily support structure give out.

USD/JPY daily chart

In last week's analysis, USD/JPY Price Analysis: Bullish daily flag breakout is underway, noting the series of bullish flag breakouts, the price has continued to move higher:

(Prior analysis)

The price is up against resistance for the open but a break there for a fresh daily high could encourage the bulls on the way to the 2002 highs in the 134 area.

However, failing a continuation, a break of 130.14 support and the 128.70 could be the trap door for the forthcoming days:

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

GBP/USD pops to three-week highs above 1.3400

GBP/USD accelerates its advance and surpasses the key 1.3400 barrier on Wednesday. That said, Cable clinches new multi-week tops on the back of the resurgence of the selling interest in the Greenback despite persistent tensions in the Middle East.

EUR/USD reverses losses, targets 1.1450

EUR/USD trades with decent gains north of the 1.1400 hurdle in the latter part of Wednesday’s NA session. The fresh offered stance in the US Dollar allowed the pair to revert the initial drop and refocus on the upside despite the hawkish tone from the FOMC Minutes and persistent geopolitical tensions.

Gold trims losses, looks at $4,100

Gold manages to regain some composure and bounce off earlier lows on Wednesday. The precious metal now shifts its focus to the $4,100 mark per troy ounce amid decent losses in the US Dollar and steady geopolitical jitters.

Dogecoin Forecast: DOGE risks sliding below $0.07 despite returning retail interest

Dogecoin (DOGE) edges lower toward support at $0.07 at the time of writing on Wednesday. The meme coin reflects a broader sell-off in the crypto market, primarily attributed to uncertainty over tensions in the Middle East. Iran launched attacks on American military bases in the Middle East on Wednesday in retaliation for attacks by the United States (US) on several places in Iran.

2.50%: Why the Kiwi's first hike in three years is a wager on a number nobody can see

The Reserve Bank of New Zealand (RBNZ) raised the Official Cash Rate (OCR) by 25 basis points to 2.50% at 02:00 GMT on Wednesday, its first hike in three years and the moment the bank that cut deeper than any G10 peer last cycle turned to face the other way.

Bye, forward guidance: How to trade when central banks choose silence

Central banks have spent years telling markets what might come next. Now, traders face the possibility that they say a lot less. From the Federal Reserve to the European Central Bank and the Bank of England, policymakers are pushing back against forward guidance.