USDJPY: Thoughts and AnalysisToday's focus: USDJPY
Pattern – Ascending Triangle Pattern
Support – 146.50 - 144.75
Resistance – 147.92
Thanks for checking out today's update. Today, we have run over USDJPY, breaking down the overall price picture, levels, and patterns and incorporating moving average and RSI into the analysis.
The USDSJPY continues to be locked up in a bullish continuation pattern. If we see a break above this pattern, we are interested in how buyers handle being back into a supply and resistance area. An area that stopped the last main rally. On top of that, the RSI is also showing lower highs as price has made higher highs. This could be a sign of divergence, but we will continue to watch if buyers can make a higher breakout.
If we see a break lower, we will look to 146.50 and 144.75 as potential support areas.
Heads up: BOJ policy rate and policy statement are due on Friday.
Have a great day and good trading.
