USD/JPY - Technical Analysis

The daily chart shows the pair has broken its downward sloping trend line that began on January 7th. The correction is measured at 2.7% of the previous trend. Further signs of a bullish correction appear on the MACD. The histogram is on the verge of breaking the 0 line, along with a potential bullish cross forming, indicating a potential rise in the price. Traders may want to wait for the correction to measure above 3% on a closing basis and then go long on the pair with a take profit level at 90.70.