USD/JPY 4H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A rising wedge pattern with average percentage of quality and magnitude was formed by USD/JPY on July 19. Even though the pair has performed a false downside breakout, it has moved back in pattern's boundaries, as this move was market's reaction on fundamental data. At the moment of writing, the pair was trading at 98.205– just 25 pips above the pattern's support and 6 pips below the 200-bar SMA. As the majority of technical indicators are sending "buy" signals, the pair is likely to continue appreciating and moving to the north. In case the 200-bar SMA will be breached, higher prices are expected to come.
© Dukascopy Bank SA
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