I haven't traded Usd/Jpy for some time ... in any case come to think of it my trading periods are few and far between.
I had a look at the monthly chart and saw that we are near the support of April 1995 79.75. The intervention of BOJ did not help at all.
As I'm typing this the price broke the Upper Bearish trendline and I will contemplate a short on a sustained break of the blue line
Well, I did not keep to my trading plan as I could not sit on my hands no longer (cowboy)
took a short after the break of the upper line at 83.264, it broke the blue line ( I do not expect much)
Target hit for 26 pips
there's a double bottom pattern on this pair not so precise though. Size of about 130 pips which offers a great deal of potential profits .. price is now struggling with the neckline and it's expected to break and thus rising to R3 1.5990.
Price might retrace to 5850 area being the 38.2% of the fib ...to 5830
Will be looking for a long entry with candle confirmation
Update: price did not retraced as expected therefore I took a long at 1.58805 which found resistance at R1, 1.5930 closed this trade for 40 pips