USD/JPY 4H Chart: Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/JPY was faltering between two gradually converging lines during more than three months. After the weekend, the currency couple opened outside the pattern, below the lower boundary, implying that a sharp depreciation is possible. Technical indicators also are hinting at a weakness in the nearest term. The confirmation of this will be a dive under the daily pivot point at 97.80 that may foster a further drop to the zone of support lines at 97.67/41 (daily S1, S2, S3; four-hour S2, S3). However, market participants expect the pair to change its direction to the north as 68.84% of all orders are placed to buy USD/JPY.
© Dukascopy Bank SA
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