USDJPY Channel Breakout or Reversal

Bullish candle formation and tax cut passage favors continuation of the uptrend, however the doji on the daily could indicate a potential reversal.

For Longs: look for break above November high. Take profit along the January-November line at 114 (+50p) or in the event of continuation at the multi-month high of 114.40 (+90p).

For Shorts: wait for second rejection along November High and fall below ascending triangle around 113.25. Target September low line at 112.40 (+85p).