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Rising wedge pattern

Rising wedge pattern | 18 December 2013

18 December 2013, USD/JPY

Overall there is a rising wedge pattern forming, and the USD/JPY pair has just recovered after finding support from the lower border-line of the wedge at 102.60. It is now rising in a column of X's up towards the 103.10-15 highs, if it breaks above them it could signal a move higher towards the the upper line of the wedge at about 104.15. Alternatively a re-break of the 102.50 lows would be a very bearish signal marking a probable breakout from the wedge and move down towards a target at 101.45, generated from the count of the down-column on the 16th December. Today is FOMC day and much volatility is predicted.
Rising wedge pattern
Mark Satcher
Analyst of «FreshForex» company
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