USD/JPY is teasing a flag breakout on the 15-minute chart, which is confirmed, could yield a re-test of the 200-day moving average (MA), currently located at 111.25.
15-minute chart
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As seen above, the pair is currently probing the upper edge of the flag. A convincing break above higher would open up upside toward 111.50 (target as per the measured move method).
That looks likely as pair not only closed back above the ascending 10-day MA yesterday but has bounced off the equally bullish 5-day MA earlier today.
Trend: Bullish
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