Chart of the Day – USDJPY – Further Confirmation of the Uptrend

The USDJPY has broken out of a channel on the 2nd of June 2020, with significant momentum, and closed above the 200 moving average. Indicating the potential of a shift in the trading bias. With subsequent trading sessions continuing on this trajectory, this adds further confirmation of a bullish bias. Furthermore, with the upcoming ECB meeting scheduled today with regards to further stimulus of €500 billion, the uncertainty on its implementation could play into US Dollar strength.