USD/JPY 4H Chart: Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/JPY seems to have formed a symmetrical triangle after a strong sell-off during the third week of August. The pattern implies resistance at 121 and support at 119.40. However, considering that we are closing in on the apex (Oct 4), there is an increased possibility of a breakout in the nearest future. Taking into account direction of the market before the triangle emerged and signals provided by the technical indicators, it is the support trend-line that is going to breached. If this is the case, the first target will be the Sep 4 low at 118.62, followed by the monthly S1 level at 116.45. However, the sentiment of the market is bullish, as 59% of open positions are currently long.
© Dukascopy Bank SA
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Fri, 18 Sep 2015 05:27:40 GMT

AUD/NZD 1H Chart: Channel Up

AUD/NZD preserved upward momentum after hitting the August highs. Accordingly, the currency pair is likely to keep trading between the two parallel trend-lines. In the short term the losses should be limited by 1.1245, where apart from the lower edge of the pattern we also have the daily S1 and Sep 17 low. If this demand level is broken, the

Thu, 17 Sep 2015 12:57:10 GMT

USD/JPY 1H Chart: Channel Up

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