USD/JPY 1H Chart: Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The pair has entered a period of correction and by doing that it also has formed a 62-bar long triangle pattern. The pair has already reached the very apex of the pattern, thus we could wait for a break-out; although, a continuation of trading in the same range is also possible. There is also uncertainty among the traders' as the amount of bullish and bearish ones are almost identical at the moment. The same goes for the technical indicators as all of them are pointing in a different direction. All in all, if the pair fall below the 118 mark then a sell-off towards the monthly PP is possible; however, more realistic would be a period of consolidation or a rebound towards the 120 level.
© Dukascopy Bank SA
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