USD/JPY has given birth to a new uptrend after breaking above the downtrend line. Passing above the downtrend line and registering a new higher high show us that the pair will move higher in the upcoming period.
Some minor retreats, declines, could help us to catch a new upwards momentum. Technically, the upside bias will remain intact as long as USD/JPY is traded above the red uptrend line.
Trading Conclusion!
The downtrend was over when the price has registered the aggressive breakout above the downtrend line. Also, moving far above 104.29 former higher high represents a buying opportunity.
The next upside targets are seen at the former highs, so you could set your targets around these levels.
