USD/JPY 4H Chart: Symmetrical Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A retracement in progress will not let USD/JPY abandon the broken trend-line of the two and a half month symmetrical triangle just yet, skewing directional risk to the downside at 101.59 short term. What makes the upward violation that more impactful is its proximity to the upper trend-line of a half-year channel which was broken along with triangle, suggesting, firstly, that the retracement could sink as deep as 100.64, and secondly, that a legitimate long-term reversal is likely on its way. The triangle bottom trend-line could continue to guide the pair out of the downtrend, causing bulls to take over after a revisit of the 100.68 area, bouncing to 104.17, where a solid resistance level has been established, at first, with 107.18 as a potential November conquest.
© Dukascopy Bank SA
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