FX.co - USD/JPY analysis for October 18 2022 - Breakout of the triangle pattern to the upside

2022-10-18T07:49:32

Relevance until2022-10-19

Technical analysis:

USD/JPY analysis for October 18 2022 - Breakout of the triangle pattern to the upside

USD/JPY has been trading upside as I expected. The price is heading towards upside objectives.

Trading recommendation:

Due to the breakout of the triangle pattern and the trend-line, I see potential for further growth.

Watch for the potential buying opportunities with the upside objectives at 150 and 159

Stochastic oscillator is showing fresh upside reading and no extreme condition, which is good sign for further rally.

Key support is set at the price of 148.60

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

Analytical expert

Petar Jacimovic

FX.co ★ USD/JPY analysis for October 18 2022 - Breakout of the triangle pattern to the upside