USD/JPY: Price Tests Ascending Trendline
Solid ECN—The USD/JPY currency pair has declined from $157.7 and is testing the ascending trendline at $154.7. This demand area is in conjunction with the Ichimoku cloud and the April 9 high.
The technical indicators signify a bearish profile.
- The RSI value is 45, below 50, and declining.
- The Awesome Oscillator value is 1.04, hovering above the signal line but declining.
From a technical standpoint, the primary trend is bullish. For the uptrend to resume, the bulls must maintain the price above the ascending trendline and the immediate support of $154.7. If this scenario unfolds, the USD/JPY will likely surge to retest the key resistance level at $157.7.
On the flip side, if the bears close the USD/JPY price below the ascending trendline and the immediate support, the next bearish target will likely be $151.9.