USD/JPY Price Analysis: Aims to recapture two-decade high at 131.00 By Sagar_Dua24 USDJPY Technical Analysis SupportResistance ChartPatterns Reversal
An Ascending Triangle formation is hinting for an inventory distribution phase.pair is facing barricades around 129.00 after a firmer rebound from 128.00 in the Asian session. On Wednesday, the asset witnessed a sheer downside move after failing to sustain above 129.00, which is weighing pressure on the greenback bulls.formation is hoping for a bullish reversal towards the horizontal resistance at 131.35, which is also the two-decade highest auction price.
Meanwhile, the Relative Strength Index has sensed support from 40.00 that signals the presence of a responsive buying action. A decisive move by the momentum oscillator above 60.00 will strengthen the greenback bulls. Alternatively, the yen bulls could dominate if the asset drops below May 12 low at 127.52. This will drag the asset towards April 26 low at 126.95, followed by April 13 high at 126.32.Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.
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