USD/JPY
Solid ECN – The USDJPY traded at about 155.3 in today's trading session, which is inside the wedge pattern on the daily chart. The upper trendline acts as resistance, which the bulls are testing it. % 50 Fibonacci backs this level.
If the price breaks above the descending trendline and maintains momentum, we could see a retest of the immediate resistance at 157.0. A successful breakout above this level could target the next resistance at 158.4.
Bearish Scenario
If the price fails to break above the descending triangle and falls below the ascending trendline, we could see a decline toward the immediate support at 151.8.