USD/JPY technical analysis: Rising wedge formation still in play

• The pair trades 0.14% higher today as risk sentiment improves.
• There is a rising wedge formation on the daily chart that is being well respected.

Daily Chart

USD/JPY has been performing well of late in relative terms.

The price is now testing the top of the rising wedge pattern once again after rejecting it last week. 

The 109.00 psychological support level managed to hold overnight and now the price is 0.14% higher.

If the pattern breaks higher the next resistance zone is just under the 110.00 at 109.75.

The level to beat for the bulls is 109.49 which is the previous wave high. 

At the moment the price is still making higher lows and higher highs so the bullish scenario remains.

Additional levels