USD/JPY 1H Chart: Broadening Wedge

The pattern started when the pair bounced from 77.919 and after testing pattern's resistance levels at 78.544 and 78.778 the pair slowed down at 78.411 where the pair is currently trading. Technical indicators on aggregate point at appreciation of the pair on the 4H outlook indicating that the pair will continue to follow pattern's general trend.  The SWFX market sentiment shows that 70% of the traders expect such development as well. Long traders could set the first target at daily pivot at 78.445. If this level is breached, next targets could be set  at 6th of august high at 78.6478 and last week high at 78.778.

Short traders, who expect that the pair will continue to move towards pattern's support or even will try to breach the pattern downwards,   should focus on the 6th of August low at 78.346. If this level is breached next targets could be at the SMA200 at 78.273 and the pattern's support band at 78.188.