USDJPY is still surging after breaking the bullish wedge formation and the 106 resistance that we mention in our earlier post. Now ahead of FOMC and BOJ decisions, USDJPY formed a bullish flag just under the previous top 109.85. If the flag’s upper line 109.25 and the 109.85 resistance can be broken to the upside, 2020 March’s high point 111.70 can be targeted.
For downward moves, 108.30 is the flag formation’s lower line. Below that we may see a sharp correction may extend to 106