USD/JPY: 1-hour
If you think the trend is your friend, then you might wanna keep your eyes glued to this rising trend line setup on USD/JPY’s 1-hour forex chart. With the 106.50 handle holding as resistance for now and stochastic moving down, the pair is retreating off its recent highs and might make a test of support. It could retrace to the 50% Fibonacci level, which lines up with the trend line and the 105.50 minor psychological handle. At the same time, the 100 and 200 simple moving averages are close to the rising trend line, adding to the strength of that support zone.
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