The USDJPY is experiencing a bearish breakout through support due to a Rising Wedge pattern. The target is set at 146.63.

The trade arrangement was spotted on USDJPY. The USDJPY price has breached the support line of a Rising Wedge pattern on March 1, 2024, at midnight. It is projected that there may be a bearish price movement over the next 15 days towards 146.63.

The pattern’s overall visual quality is remarkably high. The uniformity rating is high, suggesting that the price changes are fairly consistent throughout the pattern’s formation. The price’s initial trend before this trade arrangement was formed is extremely strong. The trade arrangement is distinctly visible, with minimal noise during the oscillations between support and resistance. The breakthrough of the support was extraordinarily strong. This is a powerful indication of the current market psychology.

It’s important to note that the USDJPY price will be highly volatile during economic events that occur within the forecast period. Specifically, the following events have previously caused significant volatility in USDJPY:
– March 1 at 15:00 (UTC): United States ISM Manufacturing PMI
– March 6 at 15:00 (UTC): United States JOLTs Job Openings, Canada Ivey PMI s.a.