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

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD: Bearish hammer on D1 ahead of ECB minutes

EUR/USD is looking heavy ahead of the minutes of the ECB Oct policy meeting, which are expected to show the members stand divided on which course to take. Waning trade optimism will likely keep the EUR on the defensive.

EUR/USD News

GBP/USD turns positive above 21-DMA as challenges to Tories recede

With the Tory supporters paying little heed to the previous day’s ITV debate, not to forget a surprise turnaround in the opposition Labour party loyalists, GBP/USD trades  better bid above 1.2900 while heading into the London open on Thu.

GBP/USD News

USD/JPY bounces-off 50-DMA but lacks follow-through

USD/JPY has bounced up from the 50-day MA support of 108.28. China's Vice Premier Liu He is cautiously optimistic about the prospects of the US-China trade deal. Related markets, however, are not buying Liu He's optimism, keeping the recovery in check. 

USD/JPY News

Gold: Doji on D1 questions bulls amid mixed trade sentiment

Although the United States’ (US) support for Hong Kong protesters favors the broad risk-off momentum, the mixed response from Chinese diplomats and a bearish candlestick formation question Gold buyers around $1,473 during early Thursday.

Gold News

Hong Kong now a feature in trade negotiations?

The US Senate and House have both passed the Hong Kong Human Rights and Democracy Bill, so now it heads to the desk of US President Trump to either sign or veto it. Sources suggest that the President will sign it into law.

Read more

Forex MAJORS

Cryptocurrencies

Signatures