USD/JPY strength to potentially continue

Upcoming events – The Jackson Hole meeting to spark future volatility, currently being very cautious on the short-term trades, so looking for more longer-term positions to take up. The current strategy is to wait for bullish or bearish confirmation before entering any trades due to heightened event risk.

After the rebound from the Fib Level at 105.288, the US Dollar has continued to trend upwards towards resistance at 106.685. Higher lows have caused an ascending triangle formation and we’re awaiting a bullish breakout before entering this trade.

Long USD/JPY @ 107.20

Target = 109.228

Stop Loss = 106.80