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Trading Signal: USDJPY Emerging Rising Wedge Pattern
Our trading signal today focuses on the USDJPY pair, where an Emerging Rising Wedge pattern has been identified on the 1-hour chart. This pattern is in its final wave, indicating a potential reversal in the current trend.
Technical Analysis:
- After a strong bullish run, USDJPY is now approaching the upper triangle line.
- A possible resistance level is seen at 156.7290.
- If the resistance holds, the Rising Wedge pattern suggests a pullback towards previous levels.
Technical Indicators Used:
For this trading signal, the following technical indicators have been considered:
- RSI (Relative Strength Index)
- MACD (Moving Average Convergence Divergence)
- EMA (Exponential Moving Average)
Correlated Assets:
The USDJPY pair is known to have correlations with the following assets:
- USD Index
- Japanese Yen Futures
- USD/JPY Options
Economic Calendar Events:
Traders should keep an eye on the following economic events that may impact the USDJPY pair:
- US Non-Farm Payrolls Report
- Bank of Japan Interest Rate Decision
- US Consumer Price Index (CPI) Release
By considering the Emerging Rising Wedge pattern, technical indicators, correlated assets, and upcoming economic events, traders can make informed decisions when trading the USDJPY pair.
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