Price action on USD/JPY, a daily chart of which is shown, has formed a small pennant pattern within the context of the latest bullish run. This pennant may be considered a minor price consolidation before a potential continuation of the new uptrend. In the event of any strong break above the top border of the pennant, price should target substantial further resistance around the key psychological 100.00 level.
UPDATE: As of early Wednesday morning, price action has indeed broken out above the continuation pennant, and appears poised to target the 100.00 region.
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Hi Emmanuel,
Thanks for your comment. What kind of details would you like?
James Chen