USD/JPY 1H Chart: Triangle

The pattern started when the pair rebounded from 78.778 and slowed down at 78.518, where the pair is currently trading. Pattern's resistance and support bands are set to intersect on 17th of August, 16:00 GMT at the level of 78.622. technical indicators on aggregate point at appreciation of the pair on 4H outlook indicating that the pair will continue to move towards pattern's resistance. The SWFX market sentiment shows that clear majority, 73%, of the traders expect appreciation of the pair as well. Long traders could set the first target at the recent peak at 78.572. If this level is breached, next targets could be set at the daily pivot at 78.627 and the pattern's resistance at 78.710.

Short traders, who expect that the pair might attempt to return below SMA, could set the first target at daily pivot at 78.434. If this level is breached, next targets could be at SMA200 at 78.332, pattern's support at 78.291 and daily pivot at 78.221.