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USD/JPY Could Break Below Rising Wedge – Levels to Watch for Short Entry

07/03/2024

Less than a minute

2024.07.03 10:16

Note: and today.

Currently, the pair is trading at 161.90 in a rising wedge (bearish). If we can break the wedge, we are looking for a continuation to the ATR Target at 161.08.

There is a 0.618 Fibo further at 161.04. We should see a reaction there. Watch the for direction, and the Fundie could negate all of this.

The average daily true range (ATR) for the pair is 89 pips per day, and its 90-day average is 109 pips per day. My forex analysis says USDX is currently down.

USDJPY – Rising wedge should start it down