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USD/JPY Price Analysis: Bounces from session lows confirming breakout on charts

  • USD/JPY has bounced up from session lows, confirming a flag breakout on the 5-minute chart. 
  • The flag breakout is preceded by a falling channel breakout. 

USD/JPY is currently trading near 119.20, having found bids at 110.06 in early Asia. 

The bounce has confirmed a flag breakout on the 5-minute chart and opened the doors for 110.34. A flag breakout is a continuation pattern, which accelerates the preceding bullish move. Prices roughly rally the length of the pole (popularly known as measured height method) following price breakout. 

The flag breakout has also reinforced or strengthened the bullish move put forward by the falling channel breakout witnessed a few hours ago. 

The bullish view would be invalidated if the spot finds acceptance below 110.15. 

5-minute chart

Trend: Bullish

Technical levels

 

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