USD/JPY 4H Chart: Rectangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/JPY has been trading between two parallel horizontal lines for four full weeks now, and for the time being there is not much evidence that there is going to be a break-out in the nearest future. The risks, however, are considered to be skewed to the upside. Even though the technical indicators are currently mixed, the US Dollar is heavily oversold, being that 72% of open positions are short. At the same time, before the pair entered the continuation pattern, it had been bullish, which further bolsters the point that eventually the rate will surpass tough resistance at 123.76/61. This in turn will pave the way for a recovery to 125.20, namely the August high.
© Dukascopy Bank SA
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