USD/JPY Daily: The pair broke above the key resistance level of 121.50, reached bullish target of 123 above Ichimoku Cloud’s .
Forex Trading Idea: Bullish targeting 124
Technical Analysis: After ranging inside an extended triangle for over 5 months, the dollar-Yen pair finally broke above a very important psychological level and reached an 8 year high of 123,above the Ichimoku cloud.
Where to set your stops and limits:
| Support Levels | Turning Point | Resistance Levels |
|---|---|---|
| 121.50 | 121.50 | 124 |
| 119.50 | 119.50 | 123 |
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