USD/JPY 30M Chart: Descending Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/JPY has been fluctuating in the range from 79.2 to 79.9 during the last week and formed the Descending Triangle pattern on the 30M chart. The pattern has 87% quality and 52% magnitude in 192-bar period.
 
The pattern started when pair bounced from 79.211 and after testing resistance levels at 79.821 and 79.639 it has slowed down at 79.46 where the pair is currently trading. Aggregate indicators do not suggest clear emerging trends in 1H or 4H time horizons, but the current market sentiment is around 70% bullish. Long traders could focus on the 79.478 level. If this level will be breached, next target could be at SMA200 level at 79.512.

Indicators in 30M time horizon strongly point at bearish market outbreak. Short traders could focus on the 79.421. If the pair breaches this level, next possible target could be at the 79.361.

© Dukascopy Bank SA
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