USD/JPY 4H Chart: Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The second JPY currency pair is also reflecting its strength versus the counterpart, this time the American dollar. At the same time, the overall trading range is rather small, namely around 200 pips. Moreover, it has a tendency to decrease, which led to emergence of the falling wedge pattern. However, during last couple of hours the Greenback showed some signs of recovery towards the upper boundary of the pattern. Nevertheless, in the foreseeable future the pair is still likely to lose value, as four-hour technicals are bearish. Meanwhile, in the long-term we see Dollar's appreciation, as suggested by weekly studies and 60% of SWFX traders.
© Dukascopy Bank SA
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