USD/JPY Technical Analysis: Breakout confirmed on the line chart

Omkar Godbole FXStreet Contributor

USD/JPY could challenge last week's highs above 111.80, having confirmed a flag breakout with a move above 111.53 in early Asia, according to the hourly line chart.

A flag breakout usually extends the preceding bullish move. So, there is scope for a rally toward 112.38 (target as per the measured move method).

The bullish setup would be invalidated if the spot finds acceptance below 111.50.

Hourly chart

Trend: Bullish

1. R3 112.32
2. R2 112.11
3. R1 111.79
PP 111.59
1. S1 111.27
2. S2 111.06
3. S3 110.75

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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