EUR/JPY 1H Chart: Rising Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The single currency has been appreciating versus the Japanese Yen during last 225 hours, vacillating between two steep upward sloping and gradually converging lines. The pair once breached the pattern's support and plunged to the 200-hour SMA that mollified selling pressure and helped the pair come back to the area bounded by the rising wedge pattern's trend lines. At the moment of writing, the pair was faltering near the lower limit of the pattern and given that the convergence point of the pattern limits is close, the breakout may occur before long.
© Dukascopy Bank SA
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