USD/JPY rebounded twice from the resistance level at 83.02, then at 82.99, forming a Channel Down pattern on the 1H chart. The formation has 61% quality along with 88% magnitude in a 67-bar period.
The price skyrocketed to the pair's resistance level at 82.99 on April 3, and eased afterwards. The RSI indicator jumped above 70% level, and eased, which can be a sign of a possible pair's rebound. If the Greenback depreciates versus Yen, the primary target for short traders could be around 82.12.
The Stochastic indicator being too sensitive shows that the pair is neutral, while the most of other indicators give a "Buy" signal. Long traders would pay their attention to the key resistance level around 82.86. If the price breaks this resistance, the possible target for bullish traders could be around 83.29, where the first pattern's high stands.