USD/JPY 4H Chart: Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A recent advance of the U.S. Dollar against the Japanese Yen resulted in a breakout of the triangle pattern that lasted for more than three months. The future movement of the instrument that shapes a triangle mostly depends on the direction in which it breaches the pattern, therefore USD/JPY is likely to prolong the rally after it crossed the upper boundary of the pattern. SWFX data bolsters this view, showing that 65.18% of traders bet on appreciation of the pair. Technical indicators also suggest a jump in the short-term but urge of possible decline in the long-term.
© Dukascopy Bank SA
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Mon, 04 Nov 2013 07:08:03 GMT

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Mon, 04 Nov 2013 07:07:26 GMT

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