USD/JPY 1H Chart: Broadening Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Broadening Rising Wedge pattern started to form when USD/JPY breached the major level at 103. Since then it has reached the 104 level, with the minor high at 104.29 (it also is 7-month high). The technical readings are mixed, thus we cannot get any clear indications from them. Nevertheless, the pair is trading around the lower trend-line; therefore, we should see an advance from the current level. Meanwhile, a slight majority of the SWFX market participants are expecting the U.S. Dollar to appreciate relative to the Japanese Yen. The next bullish target is the 7-month high and monthly R2 at 104.29/34, respectively.
© Dukascopy Bank SA
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