Red line -triangle pattern
blue line- support trend line
USDJPY continues moving sideways with no clear direction over the last two weeks. Price has formed a triangle pattern after the May top and continues to trade above the critical upward sloping support trend line. This trend line provides medium-term support at 136.80. The triangle pattern provides support at 139 and resistance at 140. As long as price is inside this triangle pattern, traders need to remain cautious and patient. Medium-term trend remains bullish as price is making higher highs and higher lows since mid March. In order for short-term trend to change to bearish, price must at least break below 139.
