USD/JPY, Technical Analysis – H1
USD/JPY continues its upward trend within the expanding megaphone pattern on the H1 chart, with upside potential focused on the 164.200–164.500 zone.
Our assessment yesterday regarding the relevance of the expanding megaphone pattern has proven correct: despite a relatively deep and volatile correction, the pair has maintained and continued its upward trend. Upside potential within this pattern lies in the 164.200–164.500 zone.
Key Levels:
□ 164.200
□ 164.500
Primary Scenario:
Further advance of the quotes toward the 164.200–164.500 area.
Alternative Scenario:
Additional consolidation at current levels.
Analyst Commentary:
Only long positions should be considered.
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.