01.10.202407:26 Forex Analysis & Reviews: Technical Analysis of Intraday Price Movement of USD/JPY Main Currency Pairs, Tuesday October 01, 2024.

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From the 4-hour chart of the main currency pair USD/JPY, we can get two important information, the first is the appearance of a deviation between the price movement of USD/JPY and the RSI(5) indicator, the second is the appearance of an Ascending Broadening Wedge pattern so that based on these two pieces of information, it is predicted that in the near future USD/JPY will weaken to test the level of 142.12. If this level is successfully broken, then USD/JPY has the opportunity to continue its weakening back to the level of 138.44. If the momentum and volatility support it, then 134.76 will be the next level to be targeted, but all these weakening scenarios will be invalid and automatically canceled if on its way to the target levels, USD/JPY suddenly strengthens again and breaks above the level of 146.80.

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