As for the rationale, technical traders seem to be citing the appearance of a channel technical pattern.
This recent bullish impulsive move has pushed into the weekly resistance zones with the wick piercing it….
As for the rationale, technical traders seem to be citing the appearance of a relative strength index technical pattern.
For additional context, note that price has gone up 16 out of the past 30 days.
Price is consolidating right now, so, if this consolidation is broken down, then the move will be confirmed….
This imputes a buy/sell ratio of 0.58, which is bearish.
Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up.
Out of the 40 instruments in the forex asset class, usd/jpy ended up ranking 23rd for the day in terms of day-over-day price change.
For additional context, note that price has gone up 6 out of the past 10 days.