Technical analysis of USDJPY Today I chose USD/JPY for technical analysis. The market is currently in a downtrend, and the price is falling, helping it pull down the downtrend line. USD/JPY market price broke the support level at 146.45 and the trend line, helping the price fall. At this point, the market price also broke the resistance level at 147.95 after breaking this trend line, and the market price moved to the next resistance level at 148.85. Market prices are likely to pull back from the trendline resistance level.
Now discuss the 1-hour time frame chart of USD/JPY, The market price is rising and forming a new resistance level after breaking the resistance level, and the trend line is helping the decline. The market price has moved above the trend line, and now the market price is rising. The current market price is at resistance and is trading above the 50-day simple moving average. The market price resistance level will likely turn towards the trendline and reach the 50-day simple moving average. Look at the RSI indicator used on the chart: The RSI indicator is currently between 30 and 70. The RSI indicator is at 42. Market prices may break above trend lines and resistance levels. If the market price returns to the support level and moves to the trendline, the price will rise again. We may see prices rise for a while. The market will move up to the resistance level.
Stochastic Oscillator: RSI indicator period 50: Moving Averages: Support Level: 146.45 Resistance Level: 148.85 
