USD/JPY could trade upwards

Note: This section contains information in English only.
Source: Dukascopy Bank SA
PositionsTodayYesterdayChange
Longs47%49%-4.8%
Shorts53%51%4.2%
Indicator4H1D1W
MACD(12;26;9)BuySellSell
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)NeutralNeutralNeutral
Alligator(13;8;5)BuyNeutralSell
SAR(0.02;0.2)BuyBuyBuy
Aggregate

Yesterday, the USD/JPY currency pair re-tested the upper line of the rising wedge pattern at 108.00. During Wednesday morning, the pair reversed south.

From a theoretical point of view, it is likely that the exchange rate could re-test the lower pattern line in the 107.45 area in the nearest future. If the given pattern holds, a reversal north could follow.

Meanwhile, note that the currency pair could face the support from the monthly PP at 107.64. Thus, a reversal north could occur sooner, and the pair could continue to trade upwards within the given pattern in the short run.

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