USD/JPY 4H Chart: Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The US Dollar is testing the upper boundary of the triangle pattern at the moment. In case USD/JPY consolidates above this level of 124, it will be in a good position to extend gains far beyond to the north. The closest target is likely to be the weekly R2 at 125.19. At the same time, the Greenback's bulls will set eyes on this year's high at 125.92, which has been reached relatively recently in the beginning of this month. However, resistances in face of weekly R3 and monthly R1 at 126 may put some pressure on bulls in the long run. Nonetheless, weekly technical studies are distinctly bullish, while the confident majority (60%) of market participants are long on the Buck versus the Japanese Yen.
© Dukascopy Bank SA
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