USD/JPY 1H Chart: Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
One of the most traded currency pairs, USD/JPY, has been bounded by the limits of more than a thousand pips wide rising wedge pattern for over 190 hours. The bullish formation followed a sharp retreat from more than a five year high of 105.45 and represents the U.S. Dollar attempt to recover some losses against its Asian counterpart.
The pair is expected to trade on the positive side in the hours to come despite a recent drop under the 50-hour SMA at 102.49 that served as a strong support during almost 16 hours. Meanwhile, more than 73% of market players believe the pair will rise before long. Technical data also support this view.
© Dukascopy Bank SA
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