Technical Update - USDJPY ripe for a correction. Break out of rising wedge is imminent| FXMAG.COM

USDJPY is still trading in this rising wedge pattern but is ripe for a correction. Break out of the wedge could be imminent. The divergence on RSI indicates the break out to be downwards. If that occurs USDJPY is likely to drop to the 0.682 retracement and support at around 134.26 but could drop to the kye support around 131.50.
If USDJPY breaks above 139.40 and above the upper rising trend line this wedge correction scenario is demolished.

Source: Saxo Group

Source: Technical Update - USDJPY ripe for a correction. Break out of rising wedge is imminent | Saxo Group (home.saxo)

Saxo Bank

Saxo Bank is a global investment bank with a Danish banking license.
It is subject to strict regulation in 15 jurisdictions, including Denmark, the United Kingdom, and Singapore. We also hold banking licenses in Denmark and Switzerland.
When you invest with Saxo Bank, you have access to a state-of-the-art trading platform and over 40,000 financial instruments, including more than 22,000 stocks from 50 stock exchanges worldwide. It also provides access to global analyses prepared by a world-class analytical team.

Technical Update - USDJPY ripe for a correction. Break out of rising wedge is imminent

Saxo Bank

Topics

Read more