USD/JPY 1H Chart: Broadening Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The U.S. Dollar has been depreciating against the Japanese Yen since February 25 when the pair started to shape a broadening falling wedge pattern. Now the pattern is 93-bar long and has average quality but high magnitude.
Up to now the pair has not shown any willingness to exit the range bounded by two diverging lines. Currently, USD/JPY is moving towards the upper limit of the pattern after it touched the lower boundary several hours earlier. The pair is likely to reach the pattern's resistance in the hours to come taking into consideration that 62% of traders bet on appreciation of the pair.
© Dukascopy Bank SA
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