USD/JPY technical analysis: Prices moves higher with rising wedge formation

USD/JPY pushes higher in line with equities and risk assets.
The rising wedge formation is being well respected and we are nearing the top.

Rajan Dhall, MSTA FX Daily

USD/JPY Daily Chart

USD/JPY is pushing higher as a strong bout of risk sentiment enters the market. Stocks are pushing to all-time highs and safe-haven assets are falling.

The rising wedge formation on the chart is being well respected and the price is nearing the top of the chart structure.

Above the patter is another resistance level at 109.75. This level was used at support back in March (22nd) and often previous support can become resistance.

If the price moved beyond the chart pattern it will become an accelerated move and the pattern top could then become support.

Additional Levels

USD/JPY

Overview
Today last price	109.33
Today Daily Change	0.39
Today Daily Change %	0.36
Today daily open	108.94

Trends
Daily SMA20	108.6
Daily SMA50	107.86
Daily SMA100	107.6
Daily SMA200	109.03

Levels
Previous Daily High	109.19
Previous Daily Low	108.82
Previous Weekly High	109.29
Previous Weekly Low	107.89
Previous Monthly High	109.29
Previous Monthly Low	106.48
Daily Fibonacci 38.2%	108.96
Daily Fibonacci 61.8%	109.05
Daily Pivot Point S1	108.78
Daily Pivot Point S2	108.61
Daily Pivot Point S3	108.4
Daily Pivot Point R1	109.15
Daily Pivot Point R2	109.36
Daily Pivot Point R3	109.52

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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