USD/JPY Technical Analysis: Bullish continuation pattern - Pennant spotted on hourly charts

Haresh Menghani FXStreet

• The pair extended its sideways consolidative price action between two converging trend-lines, which constituted towards the formation of a symmetrical triangle on hourly charts.

• Given the recent positive move from the 109.70 region, the triangle might be categorized as a bullish Pennant, marking a brief pause before the resumption of the previous trend.

• Technical indicators on the daily chart maintained their bullish bias but have already started losing positive traction on hourly charts, warranting caution for aggressive traders.

• Hence, it would be prudent to wait for a decisive break through the mentioned trading range in order to confirm the pair’s near-term trajectory amid holiday-thinned liquidity conditions.

USD/JPY 1-hourly chart

USD/JPY

Overview
Today last price	111.9
Today Daily Change	0.00
Today Daily Change %	0.00
Today daily open	111.9

Trends
Daily SMA20	111.37
Daily SMA50	111.18
Daily SMA100	110.8
Daily SMA200	111.51

Levels
Previous Daily High	112.01
Previous Daily Low	111.83
Previous Weekly High	112.17
Previous Weekly Low	111.76
Previous Monthly High	112.14
Previous Monthly Low	109.71
Daily Fibonacci 38.2%	111.9
Daily Fibonacci 61.8%	111.94
Daily Pivot Point S1	111.82
Daily Pivot Point S2	111.74
Daily Pivot Point S3	111.64
Daily Pivot Point R1	111.99
Daily Pivot Point R2	112.09
Daily Pivot Point R3	112.17

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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