Midday Technical Analysis on USD/JPY 13 of April
USD/JPY is consolidating at the moment, forming a Rising Wedge Pattern, with price ranging between the upward sloping support and resistance lines, the slope of the support line is steeper than that of the resistance. Price is heading towards previous support of 107.934 now turned resistance level that happens to be a Confluence Zone, where the slope of the higher highs is meeting with the support level of 107.934.
USD/JPY is currently trading at price level of 107.588 above RSI level of 50, a break above resistance level of 107.934 should see an upward movement towards 111.523. If price fails to break 107.934 a reversal should occur leading price to support level of 106.632 which is resting on the slope of the higher lows. If a possible breakout should occur on that support level of 106.632, an explosive downward trend should be the order of the day.
On the upside, Resistance Levels that should be watched out for:
Resistance Level 1----107.934
Resistance Level 2----110.523
Resistance Level 3----113.262
On the downside, Support Levels that should be watched out for:
Support Level 1----106.632
Support Level 2----105.630
Support Level 3----104.612