USD/JPY 1H Chart: Rectangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/JPY will approach the upper horizontal trend-line in the next few hours of trading. This level of 121.50 is also guarded by daily and weekly R1 from below, while daily R2 is placed at 121.60. We expect some bearish pressure to be created in this area, especially noting that 70% of SWFX market participants are bearish with respect to US Dollar. Sentiment has deteriorated substantially during the past several weeks. Nonetheless, indicators on 4H and daily time-frames are giving positive signals to the cross. A violation of the pattern's upper edge will imply continuation of the bullish trend the pair has seen since the middle of October. Closest resistance to meet will be weekly R2 at 122.18.
© Dukascopy Bank SA
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