USD/JPY technical analysis: Sellers await rising wedge confirmation amid bearish MACD

USD/JPY stays inside a three-day-old rising wedge bearish technical pattern.
Bearish MACD increases the odds favoring further selling.

Anil Panchal FXStreet

With the 12-bar moving average convergence and divergence (MACD) flashing bearish signal, USD/JPY sellers await confirmation of near-term rising wedge for further weakness as the pair trades near 107.75 during early Friday.

In doing so, pattern support, at 107.57 now, becomes the key as a break of which could trigger fresh declines to 23.6% Fibonacci retracement level near 107.30.

Should prices refrain from bouncing off 107.30, 107.00 could lure bears.

On the contrary, an upside break of 108.00 pattern resistance negates the bearish formation but may have to clear 108.10 in order to validate the upside towards 108.50.

USD/JPY hourly chart

Trend: bearish

additional important levels

Overview
Today last price	107.72
Today Daily Change	-11 pips
Today Daily Change %	-0.10%
Today daily open	107.83

Trends
Daily SMA20	107.4
Daily SMA50	107.08
Daily SMA100	107.84
Daily SMA200	109.2

Levels
Previous Daily High	107.96
Previous Daily Low	107.42
Previous Weekly High	108.48
Previous Weekly Low	107.48
Previous Monthly High	109.32
Previous Monthly Low	104.45
Daily Fibonacci 38.2%	107.76
Daily Fibonacci 61.8%	107.63
Daily Pivot Point S1	107.51
Daily Pivot Point S2	107.2
Daily Pivot Point S3	106.97
Daily Pivot Point R1	108.05
Daily Pivot Point R2	108.28
Daily Pivot Point R3	108.6

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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