USDJPY - The currency pair is preparing to make a new high

21 Feb 2024

USDJPY is technically poised to hit a multi-month high. Against the backdrop of a strong dollar, the JPY is losing ground as the Central Bank of Japan is failing or is not going to do its job.



On D1 we see a global setup, where the fact that the market wants to break through 150.286 - 151.944 becomes quite obvious. Regarding the lower boundary - 150.286, a pre-breakout consolidation is formed and the market is preparing to overcome the boundary.
On H4 the pair is testing the trend support, but at the same time it is forming a wedge on the base of the descending resistance. A local bullish setup is forming on the chart. A break of the pattern resistance could form an impulse to 151.85 and further to 153.

Support levels: 149.5, 148.8
Resistance levels: 151.85, 153.0

I expect growth after the end of consolidation formation. The signal for the growth continuation will be the breakthrough of the "descending wedge" pattern resistance.

Regards R. Linda!

21 Feb 2024

Nota

Wedge Resistance Retest.
Preparing for growth)))

22 Feb 2024

Nota

Consolidation above resistance
Bulls are forming positions. The market is preparing for growth

22 Feb 2024

Nota

The resistance is broken
Price is forming an impulse
News is favorable for growth

23 Feb 2024

Nota

Price consolidates above resistance
Realization phase is formed
Growth starts from the indicated line

23 Feb 2024

Nota

Support retest