USD/JPY 1H Chart: Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/JPY is expected to breach upper boundary of triangle pattern on Sep 23. If successful, the pair will also violate the 200-hour SMA, currently at 120.24. According to the vast majority (60%) of SWFX traders, the US Dollar has positive perspectives versus the Japanese Yen. We tend to support their views and suggest that the Greenback is capable of rallying up to the 121 mark in the short term. This resistance combines weekly R1 and Sep 17 high, and is strengthened by the daily R2 at the moment. Successful penetration of this supply should open the way up to 122 (weekly R2). Among technical indicators, the largest part of them is still undecided with respect to USD/JPY.
© Dukascopy Bank SA
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