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The pattern started on 15th of March, 2012, when pair started depreciating from 84.185; at the moment pair is trading at 78.410 Pattern's support is at 77.667 and is set to intersect with pattern's resistance on 7th of December, 2012. The SWFX market sentiment shows that currently 75% of traders hold long positions on the pair and 71% of all posted orders on the pair are buy orders. In addition, USD is one of the most bought currencies across the board at the moment—66% of all orders on USD are buy orders. Long traders could focus on Fibonacci (23.6% of move since 23rd of June) at 78.560, weekly pivot (R1)/Fibonacci (38.2% of move since 23rd of June)/Bollinger band at 78.830/954, Fibonacci (23.6% of move since 15th of March)/Fibonacci (50% of move since 23rd of June )/weekly pivot (R2) at 79.210/315 and Fibonacci (38.2% of move since 15th of March)/200 bar SMA at 79.591/727.
Technical indicators on aggregate send a sell signal on 1D and 1W time horizon suggesting that the pair should breach the pattern downwards. Short traders could set their targets at weekly pivot (PP)/August low (1st of August) at 77.988/919,Bollingers band/pattern's support at 77.715/667 and pattern's low at 77.166.
Main fundamental events who might have impact on the development of the pair are Bank of Japan Monetary Policy Statement and Overnight Call Rate on 18th of September and Bank of Japan press conference following these events on 19th of September.
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