USD/JPY 4H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
One of the most traded currency pair has been trading in a rising wedge pattern's boundaries since November 7. Despite several attempts to break the resistance line, the pair moved back each time and at the moment of writing was trading at 104.29, just 35 pips below the recent high. In case pattern's upper boundary and a recent high are breached, the pair has a great potential to head to 105. Aggregate technical indicators, however, are neutral, and support the case of low trading volumes, meaning the pair can head sideways. Market sentiment is not clearly marked as well (56% bullish), hence, USD/JPY can fluctuate around the same level for some time.
© Dukascopy Bank SA
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