USD/JPY 1H Chart: Falling Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The U.S. Dollar fell off in vigour after it hit 105.46 against the Japanese Yen, the highest level since at least 2009. Since then, USD/JPY has been mostly following the downside trend; however, now the pair may change direction given a possible breakout of the 123-bar long falling wedge pattern. A recent drop to a three-month low of 100.16 incited a jump to the upper boundary of the narrowing corridor and the pair effectively used this impetus to not only approach the trend-line but also to breach this formidable resistance. In the foreseeable future, the pair is likely to continue appreciating given bullishness on the market-more than 60% of traders hold long positions.
© Dukascopy Bank SA
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