USD/JPY 4H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Amid upcoming FOMC minutes, the U.S. Dollar remains under pressure, hence USD/JPY retreated from key level of 100. While it could be interpreted as a "sell" signal, bears are facing strong support levels from the downside. Technical indicators on a 4H chart are sending "buy" signals, while a dip under pattern's support also suggests the pair would depreciate in the nearest future. However, 73.88% of all opened positions are long, while vast majority (72.73%) of pending orders in a 50 pips range are placed to buy the pair. Hence, a movement to the south is unlikely, and a retest of triple-digit level seems probable.
© Dukascopy Bank SA
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