USD/JPY 1H Chart: Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Japanese Yen was one of the last year's top losers, however, this year the currency gained some strength and managed to push USD/JPY back to 103 level. Since January 13 the pair has been moving to the north and has formed a symmetrical triangle pattern, which offers great opportunity for traders to make profitable trades in a short period of time. In our case, this is a perfect time to place orders, as the price approached the apex point and already performed a throwback. The pair is unlikely to move any higher in the nearest future, as aggregate technical indicators are sending "sell" signals, while from the upside the pair is followed by a 200-hour SMA, which is located at 104.30.
© Dukascopy Bank SA
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