USD/JPY: Consider the above targets through chart mode
2024-04-23
■ The US dollar/yen has successfully completed the significant 'rising triangle' pattern and made a breakthrough at the crucial level of 152 yen, indicating a notable increase in upward momentum.
■ Should the US dollar/yen manage to surpass the psychological barrier of 155 yen, it could potentially ascend further to the second half of 157 yen, sparking anticipation in the market.
Looking back at the chart pattern in March, the US dollar/yen connects the high point in October 2022 (151.94 yen) and the high point in November 2023 (151.92 yen), forming an almost horizontal resistance line above. At the same time, the support line connecting the low point in January 2023 (127.21 yen) and the low point in December 2023 (140.24 yen) formed an upward downward support line on the right shoulder. Connecting these two trend lines forms an ascending triangle called the rising triangle. It is said that this chart pattern appears when the upward trend pauses, buying gradually strengthens, and when market prices break through resistance lines, the upward trend often strengthens.
The US dollar/yen has continued to rise since April and broke through the resistance line on April 16th, reaching a new high of 154.78 yen in 34 years. In the future, if we break through the psychological barrier of 155 yen, the following upper target may be the high point in June 1990 (155.77 yen). In addition, by measuring the "rising triangle" downwards, half of the decline (11.68 yen) from the high point in November 2023 (151.92 yen) and the low point in December 2023 (140.24 yen) is superimposed on the same high point (151.92 yen), which may take into account the target level (157.76 yen).
■ Should the US dollar/yen manage to surpass the psychological barrier of 155 yen, it could potentially ascend further to the second half of 157 yen, sparking anticipation in the market.
Looking back at the chart pattern in March, the US dollar/yen connects the high point in October 2022 (151.94 yen) and the high point in November 2023 (151.92 yen), forming an almost horizontal resistance line above. At the same time, the support line connecting the low point in January 2023 (127.21 yen) and the low point in December 2023 (140.24 yen) formed an upward downward support line on the right shoulder. Connecting these two trend lines forms an ascending triangle called the rising triangle. It is said that this chart pattern appears when the upward trend pauses, buying gradually strengthens, and when market prices break through resistance lines, the upward trend often strengthens.
The US dollar/yen has continued to rise since April and broke through the resistance line on April 16th, reaching a new high of 154.78 yen in 34 years. In the future, if we break through the psychological barrier of 155 yen, the following upper target may be the high point in June 1990 (155.77 yen). In addition, by measuring the "rising triangle" downwards, half of the decline (11.68 yen) from the high point in November 2023 (151.92 yen) and the low point in December 2023 (140.24 yen) is superimposed on the same high point (151.92 yen), which may take into account the target level (157.76 yen).