USD/JPY technical analysis: The pair is testing the top of a wedge pattern


  • USD/JPY is trading 0.06% higher today as USD strength persists.
  • There is a rising wedge pattern on the daily chart that the price is now testing.

Macro Backdrop

The USD has had a good session today but the rising wedge pattern top is holding up USD/JPY from moving further.

The risk rally has made the JPY fall against most of its counterparts and USD/JPY has really pushed higher since the beginning of November.

The pair has been moving higher ever since it was confirmed that the US and China may roll back tariffs if a phase one deal is agreed.

Daily Chart

Looking at the daily chart now there has been a rising wedge pattern forming over the last few weeks.

The price is currently at 109.39 and potentially could test 110.00 if the pattern breaks to the upside.

The RSI is showing a divergence making lower highs as the price makes higher highs and this could show signs that momentum is slowing.

At 109.75 there is a resistance level that could cause a few problems but at the moment momentum is with the bulls so if the buying continues when US traders come to the markets then we could get a good test.

USDJPY analysis

Additional levels

USD/JPY

Overview
Today last price 109.37
Today Daily Change 0.10
Today Daily Change %  0.09
Today daily open 109.27
 
Trends
Daily SMA20 108.67
Daily SMA50 107.92
Daily SMA100 107.62
Daily SMA200 109.04
 
Levels
Previous Daily High 109.49
Previous Daily Low 108.65
Previous Weekly High 109.29
Previous Weekly Low 107.89
Previous Monthly High 109.29
Previous Monthly Low 106.48
Daily Fibonacci 38.2% 109.17
Daily Fibonacci 61.8% 108.97
Daily Pivot Point S1 108.78
Daily Pivot Point S2 108.29
Daily Pivot Point S3 107.94
Daily Pivot Point R1 109.63
Daily Pivot Point R2 109.98
Daily Pivot Point R3 110.47

 

 

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