USDJPY has just completed two successive breakouts from previous consolidation areas, pushing the price sharply higher from the 162,000 area to the current level around 163,700. After this hot rise, the price is now pulling back a little before heading towards the next technical target at 164.234.

My plan is to buy if the price pulls back to retest the recent breakout zone around 163.200-163.400, and stop loss below 163.000, targeting the 164.234 area above.

The biggest risk is if the price breaks this breakout zone and closes below 163,000 – in this case, the last breakout will be considered a failure, and I will stay on the sidelines waiting for a new signal instead of chasing the move.

This is just my personal opinion based on technical analysis. I wish you successful trading.

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