USD/JPY 1H Chart: Broadening Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
U.S. Dollar has been outperforming the Japanese currency since the 5th of September. However, instead of keeping the trading range constant, the swings from one trend-line to another were becoming wider with each wave, leading in the end to formation of the broadening wedge. Currently, the pair is moving towards the lower boundary, thus since this is a reversal pattern the resistance line around 107.91 is in danger. The technical indicators are more to the upside; although, there is no strong conviction. Nevertheless, the traders are strongly bearish on the pair, with 69.19% of them expecting the pair to decline; therefore, the weekly PP at 108.41 seems the most likely target for the time being.
© Dukascopy Bank SA
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