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  • The USD/JPY pair has created a bull flag pattern on the 15-min chart. It is a bullish continuation pattern, which means an upside breakout would imply a resumption of the rally from the low of 112.79 and open the doors to break above the recent high of 113.23.
  • Notably, the bull flag breakout would bolster the already bullish setup indicated by the falling wedge breakout (witnessed on Friday) and ascending 50-, 100-, 200-hour exponential moving averages (EMAs).
  • All-in-all, the bull flag breakout is more likely to happen. The bullish view would be invalidated below 113.00.

15-min Chart

Trend: Bullish

USD/JPY

Overview:
       Last Price:  113.18
       Daily change:  -1.0  pips
       Daily change:  -0.00883%
       Daily Open:  113.19
Trends:
       Daily SMA20:  112.52
       Daily SMA50:  112.34
       Daily SMA100:  111.7
       Daily SMA200:  109.93
Levels:
       Daily High:  113.34
       Daily Low:  112.56
       Weekly High:  113.4
       Weekly Low:  111.78
       Monthly High:  114.56
       Monthly Low:  111.38
       Daily Fibonacci 38.2%:  113.04
       Daily Fibonacci 61.8%:  112.85
       Daily Pivot Point S1:  112.72
       Daily Pivot Point S2:  112.24
       Daily Pivot Point S3:  111.93
       Daily Pivot Point R1:  113.5
       Daily Pivot Point R2:  113.81
       Daily Pivot Point R3:  114.29