USDJPY technical analysis
On a long-term horizon, USD/JPY remains entrenched in a solid uptrend. On a shorter timeframe, however, the pair has been coiling inside a rising wedge, a bearish pattern composed of two converging upward sloping lines that connect a series of higher highs and higher lows.
Confirmation of the rising wedge occurs when prices successfully breach its lower trendline, which is considered a dynamic technical support. In the case at hand, the area to watch is at 149.50. A break below this floor could see a pullback towards the 148.00 handle. On further softness, the focus shifts to 146.00.
In the event of renewed strength, resistance for USD/JPY first appears around 150.75, the 2023 high. Upside clearance of this key ceiling could reinforce upward momentum, setting the stage for a rally towards last year’s peak at 151.95. Beyond that level, attention turns to channel resistance near 152.70.
Patiently waiting to see how price will respect these areas...
Confirmation of the rising wedge occurs when prices successfully breach its lower trendline, which is considered a dynamic technical support. In the case at hand, the area to watch is at 149.50. A break below this floor could see a pullback towards the 148.00 handle. On further softness, the focus shifts to 146.00.
In the event of renewed strength, resistance for USD/JPY first appears around 150.75, the 2023 high. Upside clearance of this key ceiling could reinforce upward momentum, setting the stage for a rally towards last year’s peak at 151.95. Beyond that level, attention turns to channel resistance near 152.70.
Patiently waiting to see how price will respect these areas...
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