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    USD/JPY approaches apex of the triangle

    © Dukascopy Bank SA
    "We remain in a structural bull market for the U.S. dollar, which has a further 10-15% to go."
    - Andrew Sheets, Morgan Stanley (based on MarketWatch)

    Pair's Outlook
    USD/JPY keeps consolidating within the boundaries of the symmetrical triangle. Eventually, the pattern is expected to be broken to the downside, considering that the bears remain in control of the market. The negative outlook is reinforced by the technical indicators in the weekly and monthly time frames. During the next several days, the US Dollar might recover to 113.70, on the condition that it manages to confirm the trend-line at 112.90. Once the lower boundary of the pattern is broken, there is likely to be a long-term sell-off, potentially down to the 2014 low at 100.80.

    Traders' Sentiment
    There are less bulls in the market, but only marginally—their share declined from 74 to 72%. Concerning the orders, there is now no visible difference between the amounts of buy (49%) and sell (51%) ones.

    © Dukascopy Bank SA

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