USD/JPY 4H Chart: Broadening Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Two days ago, the US Dollar tried to bounce off the lower trend-line of the current rising wedge pattern, but the currency was eventually stopped by the weekly pivot point. Following that, USD/JPY returned back toward pattern's support, but 100 and 200-period SMAs are expected to provide the pair with some strong bullish momentum in the foreseeable future. Therefore, the outlook tends to stay bullish for the time being, even though short-term neutral movement is still possible. Meanwhile, daily and weekly technical indicators are giving positive signals at the moment, while as many as 61% of all traders are holding long opened positions on the Greenback against the Japanese Yen.
© Dukascopy Bank SA
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