Chart Pattern Analysis for USDJPY - Long, Stop: 119.00, Target 1: 119.80, Target 2: 124.10

• Strategy: Long (From: 119.20), Stop: 119.00 (Daily Close), Target 1: 119.80, Target 2: 124.10
• Breakout Amid Absence Of Reversal Signals Opens Further Gains
• Intraday Chart Reveals Some Caution From The Bulls

USD/JPY has closed above the 119.00 handle with key reversal candlesticks lacking. Amid a core uptrend this may open the prospect of further gains. An initial upside target is offered by the nearby August 2007 high at 119.80, with an additional target in the distance at the June ’07 high near 124.10.

Awaiting Breakout Amid Absence Of Bearish Signals