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USD/JPY was consolidating during last two days and formed a triangle pattern on a 1D chart. The formation has 73% quality along with 50% magnitude in a 34-bar period.
The pair eased after it touched the resistance around 84.17 on March 15, and now is trading in 82.00 to 82.30 range. The formation would not last long, so traders may expect support or resistance breakout. The Stochastic indicator spiked its oversold area, and recoiled back to 40% value, giving a Buy signal. If the pair recovers, the possible target for bulls could be around 82.38.
The RSI indicator was easing slightly while the pattern was emerging, which reveals bearish bias. If the price spikes the support level at 82.12, the forecast target for short traders could be around 81.43/68.