FX.co ★ Noir | USD/JPY

USDJPY Daily Chart Analysis: We discuss the current research of the pricing behavior assessment of the USD/JPY currency pair. Long-term analysis of the USD/JPY pair reveals a wide rising channel. Right now, the price is getting closer to its lower limit. In spite of this, there was little fluctuation in Friday's performance; thus, the price remained steady. On a daily basis, the stochastic indicates higher while the RSI stays almost neutral and slightly down. The dollar-yen pair swiftly achieved new highs, rising 141 points, after the first profit-taking, according to the daily chart. A second, more substantial wave of profit-taking ensued, moving around 800 points earlier and now 996 points. I continue to have the view that the pair will update past highs by rising from the support level at 157.624. The pair will rise above present levels, particularly if a prominent pin bar forms. Unexpectedly, we saw the 154.898 level once again, which at first looked improbable. There is a challenge of the rising trend line at 154.898, suggesting a possible fall, and a correction is in progress. Wait for a clear price action perspective since there is no indication of a reversal in the pricing. I'm hesitant to affirm a move in favor of yen strengthening, however. The US dollar is still strong. In theory, sellers provide a challenge to the daily chart's rising trend line. However, before forecasting a decline, definitive proof is probably needed. At 154.898 or the rising trend line, there may be a natural bounce. Trading with extreme caution is crucial since the US election affects the US pair.