USD/JPY has consolidated during last two days and has formed a Triangle pattern. Formation has 84% quality and 55% magnitude within 36 bars.
The pair rebounded from triangle's support level at 83.53 and has inclined to resistance at 83.74. Price has slowed between the levels which is typical for pattern's final phase. Stochastic indicator rose during the last bars, but has not reached its overbought level, which shows that there is a possibility of a bullish breakout. If pair spikes the resistance level at 83.72 the first forecast target for long traders could be around 83.82.
RSI has not reached its local lows during pattern appearance, which gives a chance to bears for a possible support breakdown. If the pair breaks support level at 83.67, the premier target for bears may be around 83.40.