Tue, 27 Dec 2011 16:10:02 GMT
EUR/JPY Daily Chart: Falling Wedge
USD/JPY has formed a falling wedge pattern on a daily chart. The downward price trend is bounded by two intersecting down-sloping trendlines since October 26. This reversal pattern has 72% quality and traders might expect the price to change direction as the price will evidently breakout the resistance line. However, 52% pattern magnitude suggests moderate take profit level fixing.