A Closer Look At USDJPY

Two days ago USDJPY broke above major trendline and have pushed higher since. Also mentioned a week ago that this pair was still bullish on a lower time frame. Though at this point anybody can look at this chart and say it's super bullish, however, in my opinion, not only is it near key resistance level of 112.50, there's also a divergence on both MACD and RSI. In addition to that, if you're Elliot Wave fanatic then you'd agree that we are looking at wave count number 5. We'll see!

Happy Trading, folks!

Cheers!