USD/JPY 4H Chart: Descending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After failing to settle at the highest mark since at least 2009, the U.S. Dollar was trading almost flat against the Japanese Yen and early April the pair entered a descending triangle.
Considering that USD/JPY breached the pattern's lower limit at 101.38 a day earlier, the instrument may depreciate heavily before long. However, the SWFX data does not prop up this idea, showing 55% of all orders are placed to buy the pair, meaning that traders do not expect the bearish breakout to lead to a massive sell-off. Meanwhile, technical data also is pointing to a possible climb in the next four hours.
© Dukascopy Bank SA
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