As long as the price stays above the upward trend line, the target for the upside could be the 100.37 resistance zone, and a break above that will open the room for a further upside with next target at the 101.28 level.
Strategy in Play:
The USD/JPY has broken out of its descending triangle to the upside on a 30 minute time frame. If this pattern play out completely, then we can easily see the price near the yellow triangle area which is represented by the yellow rectangle shown on the chart. The price is trading above its upward trend line which confirms that the upward trend is intact since it has bounced from its support zone. Moreover, the price is trading above the 50 day (shown in green) but below the 100 day (shown in yellow) moving averages which is a further confirmation of the above argument.
However, the RSI is trading is inline with the price action which means that the bias could be to the upside.
Important Zones
Resistance Zone
101.50-101.28 Major
100.44-100.09 Minor
Support Zone
97.63-97.74 Minor
997-.19-96.83 Major
by Naeem Aslam