The USD/JPY is rising on Friday amid tensions across financial markets. The pair found support above 142.50 and it is testing daily highs near the 143.20 area. The rally of the dollar across the board remains solid and firm.

immediate resistance lies at 142.65, 143.05 and 143.65. Immediate support is found at 142.00, 141.70 and 141.20. We could be in for another volatile session in USD/JPY today with a possible trading range of 141.00-144.00. While the trend is still higher for the Dollar/Yen pair, trading on extremes could be profitable. Be quick and nimble.

It was stated that the harmonic pattern was bearish n the daily chart.

A break of 141.50 will still be a key development in the days ahead, should that eventuate.

It also noted that the US dollar was on heat right now so attempting to pick a top would have been futile, but monitoring for a deceleration in the rally would go a long way in determining the trajectory for USD/JPY.

The verbal intervention of the Japanese officials sparked a bid in the yen and helped to see the harmonic pattern in the USD/JPY play out as follows.

The price has pierced the trendline support, depending on where it is drawn, but in this case, the bears are taking on this trendline and there could be more in store for the days ahead.

Nevertheless, the fundamental backdrop suggests that the path of least resistance for the USD/JPY pair is to the upside. Market participants now look forward to the release of the flash US PMI prints for a fresh impetus. This, along with the US bond yields and Fed Chair Jerome Powell's speech, will influence the USD.

Breach of TL or Expanded Flat Correction For an Up Push

Sep 25 2022

Stop Loss -1.24%

Holding time 6hr

142.055

Entry price

140.290

Stop loss price