USD/JPY is in a short-term uptrend

In this chart timeframe is from February 13, 2024, to February 16, 2024.

Overall, the chart suggests that USD/JPY is in a short-term uptrend. The price has been rising since February 13th, and has made several higher highs during that time.

Support levels:

134.20: This is the price at which the uptrend began on February 13th. It has not been tested yet, but it could act as support in the future.133.70: This is a horizontal support level that has been in place since February 9th. It has been tested and broken once, but it could still act as support in the future.133.00: This is a major support level that has been in place since January 19th. It is likely to provide strong support if the price falls further.

Resistance levels:

134.80: This is the high from February 15th. It is a minor resistance level, but it could still prevent the price from rising in the short term.135.00: This is a round number that often acts as psychological resistance. It is also a horizontal resistance level that has been in place since February 9th.135.50: This is a major resistance level that has been in place since January 31st. It is likely to prevent the price from rising significantly in the near future.

Key resistance level:

135.50: This is the most important resistance level on the chart. If USD/JPY can break above this level, it could signal a continuation of the uptrend. However, if it is rejected at this level, it could fall back to the support levels mentioned above.

Other:

The volume is increasing as the price is rising. This is a bullish sign, as it suggests that there is more interest in buying USD/JPY at higher prices.The Relative Strength Index (RSI) is above 50, but not yet in overbought territory. This indicates that USD/JPY is not yet overbought, but it is approaching that level.

In conclusion, the technical outlook for USD/JPY is bullish in the short term. The price is likely to rise further unless it is rejected at the key resistance level of 135.50. #Write2Earn‬ #USDTDaily #BTC #TrendingTopic