USD/JPY 4H Chart: Broadening Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Greenback's upward tendency has probably come to an end, provided that USD/JPY neared the pattern's upper boundary at 110.31. Guarded by the first monthly resistance, the cross may experience difficulties with breaching the pattern in order to extend the rally. However, if it happens, the cross will be anticipated to reach at least the weekly R1 by the end of Friday, May 27. Such a case is also estimated by many technical studies. However, the pair seems to be overbought, as 73% of all trades are long. In case the sentiment backs a decline in the foreseeable future, then the sell-off should target the monthly pivot at 108.40 initially, followed by the multi-year low hit on May 3 at 105.53.
© Dukascopy Bank SA

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