USD/JPY 1H Chart: Ascending Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The American dollar has just confirmed the ascending triangle pattern on an hourly chart versus the Japanese yen. The currency crossed the upper boundary and is now getting ready to gain further value and continue with its long-term bullish trend. The idea is shared by hourly and daily technical indicators, which give bullish signals at the moment. At the same time, the pair can be stopped by a formidable resistance around 118; therefore, medium-term studies tend to be mixed in their opinion on pair's perspectives. Concerning market sentiment, it became more balanced during last several days, as now 51% of all positions are long and 49% are short.
© Dukascopy Bank SA
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