USD/JPY 1H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A rise to a seven-month high in the very beginning of December incited a dive below the 50-hour SMA that created a foundation of the rising wedge pattern started on December 3. At the moment of writing, USD/JPY has just come back to the pattern's boundaries thanks to the support provided by the 200-hour SMA that prevented a sharp decline that may have occurred after the pair breached the lower boundary of the pattern three hours ago. Given bullishness of the market players who bet on appreciation of the pair in 81.40% of cases, the pair is likely to have gained a footing above the pattern's support and may advance even more in the hours to come.
© Dukascopy Bank SA
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