USD/JPY Targets Higher Ground as Triangle Pattern Breaks
Technical Analysis
In the 1-hour timeframe, the USD/JPY pair shows bullish momentum as the dollar continues to strengthen against the yen. The breakout above the triangle pattern at 153.133 signals renewed buyer interest and increased upward pressure, pushing the pair towards its recent high of 153.370. A decisive break above this level would further open the path to higher targets, including 153.539, 153.754, and ultimately 153.991. This final resistance aligns closely with the apex of the former triangle pattern, making it a key target for bullish traders.
Conversely, the bullish outlook would be invalidated if the price falls below the support level at 152.749.
Key Events to Watch
This week, the USD/JPY pair faces several significant economic events. In Japan, Tuesday's unemployment report indicated a decline in the unemployment rate, providing slight relief to the yen amid broader weakness following political uncertainties. Looking ahead, investor attention will shift to US economic indicators, particularly the Consumer Confidence Index and JOLTS Job Openings report set for release later today.
In the 1-hour timeframe, the USD/JPY pair shows bullish momentum as the dollar continues to strengthen against the yen. The breakout above the triangle pattern at 153.133 signals renewed buyer interest and increased upward pressure, pushing the pair towards its recent high of 153.370. A decisive break above this level would further open the path to higher targets, including 153.539, 153.754, and ultimately 153.991. This final resistance aligns closely with the apex of the former triangle pattern, making it a key target for bullish traders.
Conversely, the bullish outlook would be invalidated if the price falls below the support level at 152.749.
Key Events to Watch
This week, the USD/JPY pair faces several significant economic events. In Japan, Tuesday's unemployment report indicated a decline in the unemployment rate, providing slight relief to the yen amid broader weakness following political uncertainties. Looking ahead, investor attention will shift to US economic indicators, particularly the Consumer Confidence Index and JOLTS Job Openings report set for release later today.
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