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Technical Analysis: USD/JPY remains above 155.50

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USD/JPY trades around 155.60 on Thursday. Analysis of the daily chart suggests a weakening bullish bias as the pair breaks below the lower boundary of the symmetrical triangle pattern. Additionally, the 14-day Relative Strength Index (RSI) is slightly below the 50 level, indicating a potential for further decline that may confirm a bearish bias.

Immediate support for the USD/JPY pair could be found at the psychological level of 156.00. Further support appears at the 50-day Exponential Moving Average (EMA) at 154.69. A break below this level could increase pressure on the pair, potentially leading it toward the throwback support region around 151.86.

On the upside, a key barrier is evident at the lower threshold of the symmetrical triangle. If the USD/JPY pair returns to the symmetrical triangle, it would reinforce the bullish bias and could lead the pair to test the upper boundary of the pattern. A break above the psychological barrier of 157.00 would support the pair in retesting 160.32, its highest level in over thirty years


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