USD/JPY 1H Chart: Descending Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The US Dollar has formed a short term descending triangle against the Japanese Yen in the borders of a medium term descending channel pattern. Most recently the currency exchange rate has once more bounced off the lower trend line of the triangle pattern. It seems that a breakout is about to occur soon. As on a larger scale the currency pair is in a decline, the hypothesis is that the breakout will occur to the downside. In the meantime, SWFX market sentiment indicates that the pair is closing in to being overbought, as 62% of trader open positions are long. Meanwhile, the pair is also heavily affected by the Fibonacci retracement levels, which are measured by connecting 2016 high and low levels, and at the moment the closest level is providing resistance, strengthening the hypothesis of a decline.
© Dukascopy Bank SA
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