USD/JPY Technical Analysis: Ascending triangle breakout & S&P 500 futures favor test of 4H 100EMA

The USD/JPY pair could test the key hurdle at 109.64 as the bullish view put forward by the ascending triangle breakout is backed by the uptick in the S&P 500 futures.

4-hour chart

The previous 4-hour candle closed at 109.36, confirming an ascending triangle breakout, as seen in the above chart. That pattern represents a short-term bearish-to-bullish trend change.

Further, the pair has found acceptance above the 50-candle EMA.

What’s more, the S&P 500 futures are reporting a 0.30 percent gain at press time. Put simply, stock markets are likely to trade on the offensive while heading into the weekend. As a result, the anti-risk JPY will likely remain offered.

It is worth noting that the long-term outlook remains bearish while the pair is held below the former support-turned-resistance of the 100-day MA, currently located above 112.00.

Trend: Bullish