USD/JPY 1H Chart: Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Greenback is losing strength against the Japanese Yen, as the currency exchange rate has formed a falling wedge pattern. The pair was set to move to the pattern's lower trend line, when it bounced off the pattern's resistance line at 100.98. However, the rate fell to 99.78 level, where the weekly S2 is located at, and rebounded against the support level. Due to that, the USD/JPY pair moved northward and confirmed once more the pattern's upper trend line this time at 100.47. By 10:15 GMT the currency exchange rate was located at the support cluster made up of the 55-hour SMA at 100.31 and the July low level of 100.29. In addition, SWFX trader sentiment is at 65%, which might indicate at the pair being slightly overbought.
© Dukascopy Bank SA
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