Bullish run on USDJPY to continue for this week

As we can see from the last week chart of the USDJPY, we had a strong breakout of the M_R1 and M_R2 and now price is trading above both of these levels. This move is also very significant because on the weekly/daily chart we can also see that the downward trend which was several times tested from 2016 is now broken and now we can have a change on the overall direction of the market, with long term trend now changed to bullish. For this week we will be looking closely on the price action around M_R2 levels where we could enter a potentially long position if this area gives signs of support. If price fails to stay above this area, we will still have to look on it as it may give signs that it was only a fakeout.