USD/JPY 4H Chart: Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
On April 7, the American Dollar succeeded in confirming the triangle pattern to the upside and crossed many important resistance levels. They included the 200-period SMA and the monthly pivot point at 120.15. Currently, the pair continues developing to the upside and shows no major signs of willingness to return back below the round level of 120. Moreover, as many as 74% of all SWFX market participants are overwhelmingly voting in favour of continuous appreciation of the Greenback against the Japanese Yen. The same scenario for the long-term is predicted by the weekly technical studies. However, 4H and daily indicators believe USD/JPY may undergo a period of correction soon.
© Dukascopy Bank SA
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