USD/JPY 1H Chart: Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A 195-hour long rising wedge pattern formed by USD/JPY started on October 22. Since then, the currency couple fluctuated between two upward sloping lines that helped USD/JPY to reach a two-week high on November 1. After coming off this high, the pair dived below 50-hour SMA to trade close to daily support sitting at 98.50 (daily S1). The SWFX data indicates that market participants are moderately bullish on the pair, with proportion of long positions being 69.49%. At the same time, technical indicators call for a drop in the short-term and a jump in medium-term suggesting that selling pressure is likely to continue playing its role for the next hour but may mollify in the hours to come.
© Dukascopy Bank SA
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