USD/JPY 1D Chart: Ascending Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Starting from July 2014, the US Dollar surged considerably against the Japanese Yen. However, the upward tendency was stopped by strong supply at 122. Since then, the pair has been trading in a narrowing range and mostly sideways, which led to emergence of the ascending triangle pattern. Currently, the pair is testing the lower boundary of the pattern, while 100-day SMA should be strong enough to provide bulls with necessary impetus for future growth. In case the monthly PP at 120.16 is breached, the pair will then focus on 122 (2014 high; monthly R1). Meanwhile, the idea of a bullish scenario is shared by weekly technical indicators. Moreover, almost 74% of SWFX market participants are bullish on the Greenback versus the Yen.
© Dukascopy Bank SA
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