USD/JPY has tried to reach its support level in a Rising channel pattern during the last few days on the 4H chart. The formation has 60% quality along with 100% magnitude within 190 bars.
The pattern started on February 1 and still exists during almost two months, which increases pattern's importance. The Stochastic indicator tumbled to its oversold area to 8% value, while the price has not reached the support level around 82.91. If the price recoils before reaching the support at 82.91, possible bullish target may be around 84.46, where the previous local high stands.
The RSI indicator shows that force balance is changing to the bulls' side, but has not changed to strictly bullish yet. Bearish traders may focus their attention to the support level near 82.91. If price breaks it, the possible bearish target could be around 81.35.