USD/JPY 1H Chart: Broadening Falling Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Following three days of continuous appreciation of the American dollar versus the Japanese yen, this currency pair managed to cross the upper trend-line of the broadening falling wedge pattern. The figure, in turn, was created back on December 20.
At the moment we strongly assume the Greenback will be able to gain more value and even resume its long-term up-trend. From the technical point of view, hourly studies are suggesting the pair will make a short pause before going to the north in the medium-term. In addition to that, more than 62% of SWFX market participants are holding long opened positions on the Buck at the moment.

© Dukascopy Bank SA
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