Bullish USDJPY - 28 April 2023 - Technical Analysis

EURUSD Forex

USDJPY

Bullish Closed

A Price Action Ascending Triangle pattern formation on the 4 Hour time frame chart supports USDJPY Bullish bias. A break of 134.472 will support the rise towards the target of 135.285 the break of 135.285 would push the price to 135.827.

SUPPORT AND RESISTANCE LEVELS

Pivot Point 155.24
Support S1: 155.22, S2: 155.19 , S3: 155.17
Resistance R1: 155.27 , R2: 155.29 , R3: 155.32

Summary

Instrument :

USDJPY

Direction :

Bullish

Pattern Name :

Ascending Triangle

Probability :

60%

Entry Level :

134.472

Activation Time :

2023-04-17 17:00

Age :

387 Bars

Progress :

83%

Close Time :

2023-04-28 01:00

Time Frame :

4 Hour

Status :

Closed

CHART ANALYSIS

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Ascending Triangle

An ascending triangle is a chart pattern used in technical analysis. It is created by price moves that allow for a horizontal line to be drawn along the swing highs, and a rising trend line to be drawn along the swing lows. The two lines form a triangle. Traders often watch for breakouts from triangle patterns. The ascending triangle is a bullish formation that usually forms during an uptrend as a continuation pattern. There are instances when ascending triangles form as reversal patterns at the end of a downtrend, but they are typically continuation patterns.