USDJPY: Triangle dictating the trend

The USDJPY pair is inside an Ascending Triangle on the 1D timeframe, supported by the 1D MA50 and with the technicals bullish (RSI = 59.741, MACD = 0.520, ADX = 20.018). The price is approaching R1 (138.215) and as long as it remains below it (while also the 1D RSI gets rejected on the 70.000 overbought level) we sell and target the HL of the Triangle (TP = 132.400). Buy above the R1 and target the R2 (TP = 142.200). If we close under the HL of the Triangle, sell and target the S1 (TP = 127.300). Below the S1 target the S2 (TP = 122.000).


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