USD/JPY reaches July 2017 maximum at 114.50

A release of data that beat analysts' expectations not only signified a breakout from symmetrical triangle pattern but also provided a necessary impulse to reach the maximum of July 2017 located at the 114.50 level.  

That fundamental event was also significant for a couple of other reasons. First of all, it became evident that the pair is moving in a new minor ascending channel. Second, an upcoming breakout from that pattern is unlikely due to pressure from the 55-, 100- and 200-hour SMAs that are rising along its southern boundary.

This, in turn, implies that currency rate has a good chance to bypass the weekly R1 at 114.69 and reach a combined resistance set up by the monthly R1 and the March 2017 maximum at 115.00 and the slope that started to form in the end of 2015.