USDJPY-
In the above weekly chart, we can observe the pair took 26-week to give an upside breakout. From the 103.74 levels, the pair went through a healthy correction towards the 93.80 levels and gave an upside breakout at 99.57 levels. Currently we are in the 26th week from the previous peak at 105.54 levels, hope we can get an upside break out next week or it might take a while.
The pair is forming a head-and-shoulder pattern in a large symmetric triangle, an upside breakout can sign for $110 in the short term. The pair has been in a consolidation range from the last 10 sessions, holding above 200-day Sma and Ema. To regain the strength to give an upside break out, we hope it will re-test the 200-day Ema at 101.10 levels or the lower end of the channel at 100.80 levels.
