USD/JPY Price Analysis: The descending wedge formation on the hourly chart has been tested to the downside

  • USD/JPY has fallen 0.07% in a lacklustre session on Thursday.
  • The pair has tested the bottom of the wedge formation but moved higher.

USD/JPY 1-hour chart

USD/JPY has not been too volatile on Thursday as the pair has traded in a 34 pip range. The macro markets have been mixed as stocks struggled with the S&P and Dow lower, while the Nasdaq hit new highs again. Normally the USD/JPY pair tracks stocks but recently there has been a disconnect. 

Looking at the chart, the key feature is the wedge pattern marked in black. The price printed under the bottom trendline but quickly within the next hourly candle the price moved back up. The blue trendline just above 107.00 could be the target for the bears but we would need some momentum and its hard to see that at the moment. 

The indicators are also pretty mixed. The Relative Strength Index has dipped under the 50 level and is looking bearish. The MACD histogram however is in the green. The signal lines are still under the mid-point which could still give blues hope 

USD/JPY chart pattern

Additional levels


Today last price 107.19
Today Daily Change -0.07
Today Daily Change % -0.07
Today daily open 107.26
Daily SMA20 107.24
Daily SMA50 107.42
Daily SMA100 107.78
Daily SMA200 108.4
Previous Daily High 107.71
Previous Daily Low 107.2
Previous Weekly High 108.16
Previous Weekly Low 107.04
Previous Monthly High 109.85
Previous Monthly Low 106.08
Daily Fibonacci 38.2% 107.4
Daily Fibonacci 61.8% 107.52
Daily Pivot Point S1 107.07
Daily Pivot Point S2 106.88
Daily Pivot Point S3 106.56
Daily Pivot Point R1 107.58
Daily Pivot Point R2 107.9
Daily Pivot Point R3 108.09



Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD nears 1.19 amid mixed US data

EUR/USD is trading close to 1.19, extending its gains after ADP's private-sector report badly misses expectations with an increase of only 167,000 jobs in July. The greenback had already been falling with yields. The ISM Non-Manufacturing PMI beat with 58.1. 


XAU/USD bulls unstoppable, renews life-time highs near $2040

With ‘buy the dips’ emerging as the main underlying theme behind the gold price action so far this week, the bulls flex their muscles further to record fresh all-time highs near $2040.

Gold News

GBP/USD trades well above 1.31 amid dollar weakness

GBP/USD is advancing towards this month high at 1.3169, recovering as the dollar retreats. The UK government is under scrutiny for its management of the virus crisis. US Services PMIs are eyed. The ADP NFP missed with 167K.


ETH/BTC on retreat, BTC recovery gains traction

ETH/BTC has topped at $0.03528 on Tuesday and retreated to $0.03448 by the time of writing. The cross has lost about 1% since the start of the day. The RSI on a daily chart reversed to the downside, signaling that the price is ready for a correction from overbought territory.

Read more

WTI hits fresh two-week highs near $42.50 ahead of EIA data

WTI (futures on Nymex) extends its winning-streak into the third straight day on Wednesday, as the bulls challenge the July high of $42.51.

Oil News