USD/JPY 1H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/JPY formed a rising wedge pattern in mid-November; at the moment of writing the pattern was 234-bar long with 77% quality and 61% magnitude. While vacillating between the pattern limits, the pair has been gradually appreciating and now is trading close to the recent high that represents the highest mark since April. At the same time, a sharp advance did not create the downside pressure strong enough to incite a reversal. This is confirmed by the bullish outlook expressed by market players who bet on further appreciation of the pair in 87.41% of cases.
© Dukascopy Bank SA
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