USD/JPY Is About to Break Above The Resistance Level

After months and months of correction USD/JPY finally headed north, forming what looks like a nice and clearly defined impulse wave pattern. The price has almost reached the previous two year high at 105.425, which serves as a resistance level. There will likely be some correction before it breaks above the resistance. I think that once it does it will head further north, with target 106.80 – 106.90, perhaps even higher. Personally, I will wait for it to break above the resistance and then I will start buying again.