USDJPY has been heavily consolidating on the high end of 101.20 zone. You say wedge I say consolidation, but that doesn't matter. The last two weeks as it looks like shows a massive buying pressure. The pull back on the last bar can be thought of as the first exit of long entries as short term traders look to close out their longs. Fundamentally speaking, this fall was on the first Friday of August so this marks the NFP release. The NFP release was worse than expected also causing the sell off of the dollar. In any case, the strong breakout of the dollar shows we are only seeing the beginning of the next set of bullish movement.
