Well done to those who held longs based on wedge pattern
Since registering a top from 109.38 at the beginning of April, USD/JPY moulded a falling wedge pattern, which had its upper limit breached on May 11 in strong fashion, boosted by demand at 105.70/106.66. The take-profit target out of the pattern, traditionally measured by taking the value of the base and adding this to the breakout point (purple), sets an upside objective of around 109.30.
As you can see, after dethroning the 200-day simple moving average at 108.35 on Tuesday and extending gains Wednesday, we are within touching distance of completing the falling wedge pattern.
As you can see, after dethroning the 200-day simple moving average at 108.35 on Tuesday and extending gains Wednesday, we are within touching distance of completing the falling wedge pattern.
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