USD/JPY charts descending triangle breakout on the hourly chart. Hourly RSI spikes to test the overbought region. Upside appears more compelling in the near-term. After consolidating in a tight range around 105.80 in the Asian session this Monday, USD/JPY broke to the upside and conquered the 106 threshold. The uptick in the spot can be explained by the descending triangle breakout spotted on the hourly chart following a break above the falling trendline resistance at 105.98. The spike in the hourly Relative Strength Index (RSI) towards the overbought territory also adds credence to the renewed upside bias. The spot has climbed above all the major HMAs, with the next upside target seen at 106.19 (August 4 highs), above which the August 3 high of 106.47 could be put to test. Alternatively, the 21-hourly Simple Moving Average (HMA) at 105.85 could limit any pullbacks. A break below the latter will call for a test of powerful support at 105.68, the confluence of the 50 and 100-HMAs. All in all, the path of least resistance appears to the upside. USD/JPY: Hourly chart USD/JPY additional levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next EUR/USD: Three reasons why the dollar has more room to rise FX Street 2 years USD/JPY charts descending triangle breakout on the hourly chart. Hourly RSI spikes to test the overbought region. Upside appears more compelling in the near-term. After consolidating in a tight range around 105.80 in the Asian session this Monday, USD/JPY broke to the upside and conquered the 106 threshold. The uptick in the spot can be explained by the descending triangle breakout spotted on the hourly chart following a break above the falling trendline resistance at 105.98. The spike in the hourly Relative Strength Index (RSI) towards the overbought territory also adds credence to the renewed upside bias. The spot has… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
