USD/JPY, Technical Analysis – H1
The pair is approaching the completion of the full triangle fill, within which price has been consolidating throughout the week.
The pair is approaching the completion of the full triangle fill, within which price has been consolidating throughout the week. A breakout impulse is likely after the market opens on Monday, which should bring increased volatility with initial targets in the 161.800 and 161.500 areas. During today’s session, the pair is finding support in the 162.000–162.100 zone. Resistance is located at the upper boundary of the triangle (162.450).
Key Levels:
□ 162.000 – 162.100 (support zone)
□ 162.450 (triangle resistance)
□ 161.800 / 161.500 (downside targets)
Primary Scenario:
Consolidation within the 162.000–162.450 range.
Alternative Scenario:
Decline toward 161.500.
Analyst Commentary:
The 162.450–162.500 area represents an interesting supply zone, but only for traders willing to carry positions over the weekend.
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.