USD/JPY Develops A Continuation Pattern!

USD/JPY Develops A Continuation Pattern!

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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Author : Olimpiu Tuns

Olimpiu Tuns

Olimpiu Tuns graduated with a Master in Business Administration and is a seasoned Market Analyst / Trader / Trainer with 10 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks. He worked as a Market Analyst for three major brokerage companies, as a prop trader, and as a contributor/content creator for news portals and educational platforms.