USD/JPY 1H Chart: Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The USD/JPY currency pair has approached a very important point in its development on a 1H time-frame. The pair has been creating a triangle pattern during last four trading days, and on April 28 the cross should commence an eventual break-out. Judging from technical indicators, the Greenback is more likely to decline, rather than to increase in value, as all studies are currently pointing to the downside. Moreover, substantial bearish pressure will be created by the weekly pivot point at 119.21, as well as 200-hour SMA from above. At the same time, the majority (73%) of participants at the SWFX market are holding long opened positions on the Greenback against the Japanese Yen.
© Dukascopy Bank SA
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