The US Dollar has been appreciating against the Japanese Yen since mid-April, forming a broadening rising wedge pattern. The pair has reached the wedge's lower boundary earlier today, with the exchange rate now expected to rebound and prolong the pattern. Technical indicators are supporting this outlook, as they are giving bullish signals in all three timeframes. However, there are doubts the given pair can reach the wedge's resistance line, as another trend-line emerged, which kept the Buck from appreciating further. This is one of the main resistances, currently around 115.15, which should be taken into account, while the second closest one circa 114.20 is unlikely to limit the recovery.
| Level | Rationale | Indicator | 4H | 1D | 1W | |||
| R4 | 116.29 | Trend-line; monthly R3 | MACD (12; 26; 9) | Buy | Buy | Buy | ||
| R3 | 115.31 | Weekly R3 | RSI (14) | Neutral | Sell | Neutral | ||
| R2 | 114.13/23 | Monthly and weekly R2s; Bollinger band | Stochastic (5; 3; 3) | Sell | Sell | Sell | ||
| R1 | 113.75 | 20-period SMA | ADX (14) | Buy | Buy | Neutral | ||
| S1 | 113.66/47 | Up-trend; weekly R1 | CCI (14) | Buy | Neutral | Neutral | ||
| S2 | 113.26 | Bollinger band | AROON (14) | Buy | Buy | Buy | ||
| S3 | 112.97/83 | 55-period SMA; monthly R1 | Alligator (13; 8; 5) | Buy | Buy | Buy | ||
| S4 | 112.34 | Weekly PP | SAR (0.02; 0.2) | Sell | Buy | Buy | ||
| Aggregate | ↗ | ↗ | ↗ |