USD/JPY Technical Analysis – H1
USD/JPY remains locked in a shallow upward correction inside the 157.700–158.500 triangle. The accumulation looks bearish and may precede another leg lower toward 157.000, with non-farm payrolls as a potential catalyst.
The pair continues its prolonged, shallow upward correction. This consolidation appears to be fully utilizing the available space within the triangle range of 157.700–158.500 before quotes once again break lower (the accumulation has a distinctly bearish character).
Key Levels:
□ 158.500 (upper boundary of the range)
□ 157.700 (lower boundary of the range)
□ 157.000 (key downside target)
Primary Scenario:
Continuation of the flat within the 157.700–158.500 range.
Alternative Scenario:
Decline toward 157.000.
Analyst Commentary:
A pickup in activity on the chart is possible tomorrow with the release of the non-farm payrolls data.
Nikolai Krishtopov is a Market Analyst at Investizo with more than 15 years of experience in the financial markets industry and over a decade of trading experience. His areas of focus include forex and crypto markets, technical analysis, intraday trading and market behaviour.