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.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
