- 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.
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Additional levels
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