Forex: USD/JPY above the wedge pattern

on Aug 22, 2013
Listen

_iNVEZZ.com August Thursday 22nd_: The USD/JPY yesterday gained 0.48 percent, closing at 97.79. The pair traded within an 86-pip range between 97.11 and 97.97 and crossed above the 89-period simple moving average on the 4H chart, subsequently breaking through the upper line of the descending wedge pattern within which the pair has moved since 14 August.

Today the USD/JPY breached the 98.00 psychological level and the 98.30 resistance and continues to rise. At the moment the price is quoting at 98.41, 0.62 percent above the opening price. The price action also broke the daily fractal at 98.11 and is approaching the next fractal at 98.63.

Are you looking for signals & alerts from pro-traders? Sign-up to Invezz Signals™ for FREE. Takes 2 mins.

eToro
**Start Investing The Social Way! >>**
USD/JPY – Bank of Japan will do whatever it takes to fight deflation Currency Briefing: July minutes show officials divided

FOLLOW our top traders or BET against them.
http://nvz.bz/14kKjZM
Further upwards lies the obstacle of the upper line of a descending channel, within which the pair has been trading since 7 July. The falling 200-period simple moving average on the 4H timeframe is currently following the upper line of the channel and at the moment is resident at 98.58.

Even further upwards sits the upper line of a symmetrical triangle pattern within which the pair has been moving since 22 May and the projection of the line is at 99.30. A breakout above the triangle would rocket the price towards the 103.73 (22 May high) high through the 100 (psychological) and 101.52 (7 July high) levels.
!fm[](/uploads/story/5007/usdjpydaily_2208.png)

eToro
**Start Investing The Social Way! >>**
USD/JPY – Bank of Japan will do whatever it takes to fight deflation Currency Briefing: July minutes show officials divided

FOLLOW our top traders or BET against them.
http://nvz.bz/14kKjZM

Ad

Want easy-to-follow crypto, forex & stock trading signals? Make trading simple by copying our team of pro-traders. Consistent results. Sign-up today at Invezz Signals.

Learn more
JPY Forex