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USD/JPY has returned to trade back inside its rising channel after a false breakdown.  The pair is in a short-term and long-term uptrend suggesting a bias towards the upside.  USD/JPY has recovered back inside its rising channel after a temporary downside break on September 24.  The pair has broken above the 50, 100 and 200-period Simple Moving Averages (SMA) and is in an established short-term uptrend. USD/JPY 4-hour Chart  Given it is a principle of technical analysis that “the trend is your friend” the odds favor a continuation higher.  Momentum as measured by the Relative Strength Index (RSI) is confirming the bullish bias, although it is easing somewhat.  A break above the current day’s high of 145.20 would suggest a continuation of the trend with tentative targets lying at 145.50 and finally in a bullish case 146.00.  The medium-term trend was bearish but it is now unclear and could arguably be bullish. USD/JPY remains in a long-term uptrend.   Source: https://www.fxstreet.com/news/usd-jpy-price-forecast-recovers-back-inside-rising-channel-202409260841

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Filed under: News - @ September 26, 2024 9:23 am