Let's analyze the currency pair USD/JPY using technical analysis. The main focus will be on the levels of weekly pivot support and resistance, the basement indicator, and the indicator forming the 1-2-3 pattern. Let's concentrate on the chart.
Today, during the opening of the American trading session, the Vertex indicator signaled that the currency pair was oversold, after which there was an active increase in quotes. The 200 and 50 period moving averages show a confident uptrend, in line with signals from other indicators. Buyers managed to form a 1-2-3 pattern, indicating their willingness to continue pushing quotes upwards. Additionally, buyers were able to confirm the 1-2-3 pattern breakout, surpassing the 159.275 mark, demonstrating their strength. In this situation, I will wait for the price to rise to the weekly pivot resistance level at 159.462, and after it consolidates above this level, I will open a buy position.
