USDJPY: Rising Wedge Into Previous Structure (read description)

I’m looking at a rising wedge type of pattern forming here on the USDJPY that is working it’s way toward a pretty significant level of structure (look left). We typically see a breakout to the downside with this type of setup as it represents the market losing steam after a high volume move.

I’ll be looking for short opportunities on this pair in the Live Trading Room, but we might want to keep out eyes on the 8:15 ADP number as we are still looking at a very bullish dollar.

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Akil Stokes
Chief Currency Analysis at Trade Empowered
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