USD/JPY technical analysis: Prices moves higher with rising wedge formation

• USD/JPY pushes higher in line with equities and risk assets.
• The rising wedge formation is being well respected and we are nearing the top.

USD/JPY Daily Chart

USD/JPY is pushing higher as a strong bout of risk sentiment enters the market. Stocks are pushing to all-time highs and safe-haven assets are falling.

The rising wedge formation on the chart is being well respected and the price is nearing the top of the chart structure.

Above the patter is another resistance level at 109.75. This level was used at support back in March (22nd) and often previous support can become resistance.

If the price moved beyond the chart pattern it will become an accelerated move and the pattern top could then become support.

Additional Levels