USD/JPY 1H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Pair peaked above 100 JPY in the first part of September which was followed by a month long sell off. Pattern at hand marks the pair's second attempt to recover. It tested pattern's boundaries few hours ago. And since only trend indicators, which still might be effected by the recent move from the pattern's support, give sell signal we expect the pair to continue recovering.  Some bearishness should be expected around 98.33/36 and cluster of technicals levels around 98.44/50, but 20-day SMA in conjunction with pattern's support and daily S3 (in short term) should keep the pair supported. 

© Dukascopy Bank SA
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Tue, 05 Nov 2013 13:40:48 GMT

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