USD/JPY cedes ground

Although a month ago USD/JPY successfully broke out of the symmetrical triangle that is started to form in the mid-May to the upside, the U.S. Dollar did not continue to gain value, as one would reasonably assume, but weakened instead. This resulted in the appearance of yet another figure—the falling wedge, an apex of which is less than 20 bars away.

The attitude of SWFX traders is largely unchanged with respect to USD/JPY, as the majority (71.5%) of them are expecting the current bearish trajectory to change to a bullish one despite the latest developments. Among the pending orders 65% are to buy and 35% are to sell the greenback against the Yen.