Forex Trading: USD/JPY Bullishness Breaks Out Above Consolidation/Trendline
Bullish price action on USD/JPY as of Wednesday (3/24/2010) morning New York session has broken out cleanly above both a symmetrical triangle consolidation pattern as well as a key downtrend resistance line (within a parallel downtrend channel) extending from the April 2009 high. This breakout price action has thus far extended all the way up to approach strong resistance in the 92.00 price region. In the event of further upside momentum that breaks out strongly above the 92.00 area, a key upside resistance target resides in the 93.75 price region.
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