USDJPY → Ascending triangle will provide bullish momentum
Updated
USDJPY is strengthening on the background of the dollar indices growth. The currency pair continues to form a bullish price channel and in addition forms a pattern, which may form a bullish impulse in the near future. On the chart I have marked an ascending price channel, its structure plays a key role in the current pricing of the forex currency pair. An ascending triangle was formed relative to the level of 147.800. The set-up of this triangle can be explained as a provocation of buyers relative to the limit resistance level put up by the market maker or big sellers. The market continues to pressure this area. The very figure of ascending triangle was formed in the moment of local correction of dollar index.
In the near term, I expect another retest of 147.816 followed by a breakout of resistance.
Support levels: 147.00, 146.150
Resistance levels: 147.816
I expect a breakout of this resistance with the subsequent formation of a medium-term upward movement to 150.00.
Regards R. Linda!
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