USD/JPY: Dollar Edges Higher But Still Holding Within a Triangle

Technical analysis of Forex market

The USDJPY regained traction on Tuesday and resumed the upleg from Aug 11 trough (131.73).

Fresh bullish acceleration broke through important Fibo barrier at 133.83 (38.2% of 139.39/130.39) and pressuring the triangle resistance trendline (134.37).

Break of these obstacles would improve near-term structure and open way for further advance, though daily studies are mixed and the action is likely to lack clearer direction while holding within the triangle, with stronger signals expected on break of boundaries of rising thick daily cloud (132.05/135.17).

Res: 134.37; 134.61; 134.89; 135.17.
Sup: 133.83; 132.94; 132.36; 132.05.

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