USD/JPY 4H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since mid-October, USD/JPY has been following the uptrend, forming a rising wedge pattern on November 19. Almost ten hours ago, the pair breached the pattern's resistance and touched the highest level since at least 2009 that made us believe that the sharp rally may lie ahead; however, these expectations did not come true as the pair changed direction shortly after it hit a several-year high to come back to the pattern's area, where it is trading now. Notwithstanding the recent retreat, traders believe the pair has a potential to repeat the rally; 88.65% of all orders are placed to buy the currency couple.
© Dukascopy Bank SA
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