FX.co ★ Daily Video Analysis: USDJPY (Trendline Bullish Breakout!)

Today we take a look at USDJPY. Combining advanced technical analysis methods such as Fibonacci confluence, correlation, market structure, oscillators and demand/supply zones, we identify high probability trading setups. Price has just seen a bullish breakout from the descending trendline, and is now holding above the ascending trendline support. We could potentially see a bounce at our buy entry level, in line with our 76.4% Fibonacci retracement, and a further rise towards our take profit levels, which are in line with our -27.2% and -61.8% Fibonacci retracement levels.