USD/JPY Technical Analysis: Bulls continue to show resilience near symmetrical triangle support

Haresh Menghani FXStreet

• The pair has been oscillating between two converging trend-line over the past two months or so, forming a symmetrical triangle on the daily chart.

• The contracting wedge is usually referred to as a continuation of the previous trend - bullish in this case, but sometimes marks important trend reversals.

• Looking at the broader picture, the upward sloping 100-day SMA has been acting as a key base and put on test on several occasions since late-April.

• Hence, only a decisive break-through the triangle support, leading to a subsequent fall below 100-day SMA, will confirm that the pair has actually topped out in the near-term.

USD/JPY daily chart

USD/JPY

Overview:
    Today Last Price: 113.07
    Today Daily change: 23 pips
    Today Daily change %: 0.204%
    Today Daily Open: 112.84
Trends:
    Previous Daily SMA20: 113.37
    Previous Daily SMA50: 113.08
    Previous Daily SMA100: 112.25
    Previous Daily SMA200: 110.49
Levels:
    Previous Daily High: 113.67
    Previous Daily Low: 112.56
    Previous Weekly High: 114.04
    Previous Weekly Low: 112.88
    Previous Monthly High: 114.25
    Previous Monthly Low: 112.3
    Previous Daily Fibonacci 38.2%: 112.99
    Previous Daily Fibonacci 61.8%: 113.25
    Previous Daily Pivot Point S1: 112.38
    Previous Daily Pivot Point S2: 111.92
    Previous Daily Pivot Point S3: 111.28
    Previous Daily Pivot Point R1: 113.48
    Previous Daily Pivot Point R2: 114.13
    Previous Daily Pivot Point R3: 114.58

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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