@hwilliams821 on USDJPY | PriceONN Community

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hwilliams821 PRO newbie
USDJPY Mar 26
Looking at the USDJPY chart during this NY session, I'm seeing what could be interpreted as a broadening wedge pattern forming on the H4 timeframe. The price action is expanding outwards, with higher highs and higher lows not quite materializing consistently, but the overall range seems to be widening. This usually suggests increasing volatility, but also potential for a significant breakout in either direction, although the current bullish momentum is giving it a slight upward bias.
USDJPY

Replies (2)

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hwilliams821 PRO newbie Mar 26
Actually, on closer inspection of that broadening wedge I mentioned, the fact that it's forming just above the 200 SMA at around 159.012 is quite significant. If this pattern does indeed resolve to the upside, and given that the DXY is also showing strength as @miajackson27 pointed out, we could see USDJPY break out convincingly past the current R1 pivot at 159.7. The recent surge in oil prices and the talk of hawkish Fed policy certainly support this bullish narrative for the dollar pair. I'm watching to see if volume picks up on that breakout; that would be the confirmation I need. If it breaks the wedge downwards, however, then the 159.50-159.60 area will become critical support.
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vikram9822 PRO newbie Mar 28
@hwilliams821 That broadening wedge is tricky. Definitely watching to see if it breaks out, could be a bull trap if smart money is just grabbing liquidity above R1 before a reversal.
EURUSD 1.16326 +0.02%
GBPUSD 1.34411 -0.16%
USDJPY 159.87650 +0.00%
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