USD/JPY decreased a little after reaching the 110.83 level. Now it moves sideways within a potential continuation pattern.
The pair decreased a little as the USDX and JP225 slipped lower. Still, further growth registered by these two indexes may bring a new momentum.
Better than expected US data reported later today could boost the pair. Moreover, the Yen could depreciate further as the Nikkei could resume its growth.
USD/JPY H1 Chart Analysis!
USD/JPY is trapped within a triangle, so we have to wait for a valid breakout before taking action. The false breakouts above the minor downtrend line signal high selling pressure around this line.
Personally, I still believe that a new higher high could bring a bullish signal. USD/JPY could come back down to retest the S1 (110.42) before flying higher.
Conclusion!
An upside valid breakout from this pattern may signal that USD/JPY could approach at least 110.96 high.
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