USD/JPY 1H Chart: Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
On the first day of September the pair received a bullish impetus and formed a rising wedge pattern, after trading sideways from 20th of August. At the moment the pair is vacillating near the lower boundary of the formation; although, a bearish break-out seems unlikely, as all of the technical indicators are pointing to the north, suggesting a continuation of the current trend. Nonetheless, the traders' sentiment is more bearish than bullish, with 54.26% of the SWFX market participants being short on the pair. Thus, we expect the pair to bounce from the weekly R3 and monthly R1 at 105.14/13 towards the 106 level.
© Dukascopy Bank SA
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