USD/JPY 4H Chart: Rectangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/JPY pair has been gaining strong value already since August of the previous year; however, in the mid-December the growth was stopped by 122 major level. As a result, the pair is hovering between 116 and 121 since that time, which eventually helped a rare rectangle pattern to appear on the four-hour chart. Taking into consideration current development of this cross, the outlook seems to be unclear. From one side, 64% of market participants assume the cross is likely to develop northwards and continue the long-term appreciation trend. This idea is only supported by weekly technical studies, while in the medium-term they see the Yen rising towards 115.
© Dukascopy Bank SA
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