Hello everyone, today the Japanese Yen (JPY) struggled to capitalize on its modest gains during Friday's Asian session and weakened to a one-week low against the US Dollar (USD) from the day before, thereby providing a slight upward momentum for the USDJPY pair.
On the 4-hour chart: USDJPY has formed a pennant pattern, and the market is expecting this pair to continue its upward trajectory after USDJPY retraced to the 0.618 - 0.5 Fibonacci levels.