USD/JPY keeps rising and forming a Rising Wedge pattern as it closes in on an old major trendline.
USD/JPY forms an ominous-looking bearish Rising Wedge pattern. The price pattern warns of potentially more weakness to come. The wedge is a bearish pattern and suggests the pair is at risk of breaking lower. The formation of the pattern radically changes the outlook for the pair. Whilst previously USD/JPY was in a short-term uptrend, it is now more likely to decline ifcertain conditions aremet.
This divergence is a bearish sign and adds the picture of downside risk for the pair. A decisive break below the lower trendline of the wedge would confirm a breakdown. This move would be expected to fall to 148.40 as a minimum, the 61.8% Fibonacci extrapolation of the height of the wedge at its tallest part. More downside could lead to support laying at 148.27 or 147.23 .
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