USD/JPY pair forms a triangle pattern

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
"The Bank of Japan is ready to take appropriate and decisive action if risks to its outlook become significant" - Kiyohiko Nishimura, The Bank of Japan (based on Bloomberg)

Pair's Outlook
This week USD/JPY pair is very volatile, but only in a narrow zone, bounded by the weekly S1 at 81.56 and a down-sloping line at 82.45. The pair forms a triangle, thus making it possible to trade from the sides of the pattern. On the other hand, technical indicators return to a neutral zone, while the price stays in the flat corridor. Accordingly, it is likely to see continuation of an up-trend, if the pair does not show more signs of a downside correction.

Traders' Sentiment
SWFX market participants still bet on a Yen's depreciation, as 68% of traders have long positions of USD/JPY and 32% have short ones. Pending orders segment slips towards the equilibrium even faster than expected, as the orders for buy positions have an 82% market share and sell orders have an 18% share.

© Dukascopy Bank SA
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