USD/JPY failed to break above 148 and is correcting lower.
The 4-hour chart for USD/JPY shows that the price failed to break above the 148.30 level. After this failure, the pair moved into a blue descending broadening wedge pattern. Within this larger structure, an ascending broadening wedge has also formed. If the price breaks above 148.30, the next move could target the 151 level. However, ongoing weakness in the US Dollar Index keeps USD/JPY in a bearish trend. The current price action reflects persistent bearish pressure on the pair.
