USD/JPY Rallies to Highs as USD Ascending Triangle Breaks

On Friday the US Dollar was testing support in the ascending triangle formation but for the past month and change the currency had held up fairly well as the USD/JPY rally came back to life. As I covered in the Friday article and video, I still think that USD/JPY is a primary push point for the DXY basket which then carries impact into EUR/USD, GBP/USD and other USD pairs, but with the weekend events in Iran both the US Dollar and USD/JPY broke out in a big way to start the week.