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Pattern started on 19th of September, 2012, when the pair started depreciating 128.85; currently it is trading at 142.50; only 100 pips higher than the support line. Technical indicators on aggregate point at appreciation of the pair three different timeframes– 1D, 1W and 1M charts. Long traders could focus on the weekly pivot (PP) at 144.07, Bollinger band at 145.39, weekly pivot (R1) at 145.77 and monthly resistance at 146.31
Current market sentiment is slightly bearish as 56% of traders hold short positions on the pair. In addition, 58% of all pending orders on the pair are to go short. Short traders could focus on the monthly pivot (PP) at 142.08, cluster of support levels at 141.17 (pattern's support and Bollinger Band) and weekly pivot (S3) at 139.96.
Main fundamental events which could have significant impact on pairs development in the near future are the Bank of England Credit Conditions Survey on March 28th and data from Japanese Statistics Bureau on March 29th, which will show nation's unemployment and inflation rates.