USD/JPY 4H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Tensions in Syria are easing, while traders are looking forward any hints of a possible QE tapering later thins month. Amid these factors the Yen gained against the U.S. Dollar, recovering from a seven-week low. At the moment of writing the pair was traded at the level of 99.41– pattern's support, and even taking into account recent bearishness of the pair, the outlook remains bullish. First of all, almost 60% of traders are holding long positions on USD/JPY. Moreover, aggregate technical indicators are sending either "neutral" or "buy" signals, suggesting the pair will continue appreciating.
© Dukascopy Bank SA
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