USD/JPY Price Analysis: Bid near 107.80 with descending triangle breakout on 4H

USD/JPY's 4-hour chart is reporting a bullish continuation pattern.
A break above 108.00 could be seen duing the day ahead.

Omkar Godbole FXStreet Contributor

USD/JPY is flashing green near 107.80 at press time with the American dollar drawing bids amid renewed risk-off tone in the equity markets.

The currency pair could rise further as the 4-hour chart is now reporting a descending triangle breakout, which comprises trendlines connecting lower highs and horizontal supports.

The pattern indicates a resumption of the rally from the March 9 low of 101.18 and suggests scope for a move above 108.00.

Alternatively, a move under 106.92 – the base of the triangle – would signal an extension of the pullback from the March 25 high of 111.68 and could yield a drop to 105.00.

The prospects of a downside break under 106.92 would improve if the pair drops under 107.30, validating Friday’s red candle.

4-hour chart

Trend: Bullish

Technical levels

USD/JPY

Overview
Today last price	107.8
Today Daily Change	0.26
Today Daily Change %	0.24
Today daily open	107.54

Trends
Daily SMA20	108.59
Daily SMA50	108.56
Daily SMA100	108.89
Daily SMA200	108.33

Levels
Previous Daily High	108.09
Previous Daily Low	107.3
Previous Weekly High	108.52
Previous Weekly Low	106.93
Previous Monthly High	111.72
Previous Monthly Low	101.18
Daily Fibonacci 38.2%	107.6
Daily Fibonacci 61.8%	107.79
Daily Pivot Point S1	107.2
Daily Pivot Point S2	106.86
Daily Pivot Point S3	106.41
Daily Pivot Point R1	107.98
Daily Pivot Point R2	108.43
Daily Pivot Point R3	108.77

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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