USD/JPY 1H Chart: Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/JPY has formed a Triangle pattern on 1H chart falling from 80.553 to 78.996. The pattern has 76% quality and 100% magnitude in a 162-bar period.
 
The pattern started when pair rebounded from 80.553 and after testing support level at 78.996 and 79.216 slowed down at 79.415 where the pair is currently trading. The RSI and the Stochastic indicators suggest upcoming bullish trend on the 1H horizon. Current market sentiment is highly in favor for bulls as well. Long traders could focus on the daily resistance levels at 79.463 and 79.539. If these levels will be breached, next target could be at SMA200 around 79.635.

If pair continues current trend, short traders could focus on the support level at 79.341. If pair breaches this level, next possible target could be at 79.219.

© Dukascopy Bank SA
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