USD/JPY Trends Higher as Yen Loses Ground vs. the Dollar

The 60 minute USD/JPY has formed at Continuation Rising Wedge — an uptrending pattern alert — that is trading higher up through the 99.00 psychological level.  The pattern has reached what could be consdered the “narrows” of the wedge where prices are increasingly squeezed by the tightening range of the uptrend lines coming together.

The Initial Trend is very low and indicates almost no trend as prices have found 99.52 resistance.  Here’s an opportunity to consider another option. The trend may not persist therefore the other option would be to consider the possibility of a fading uptrend on the 60 minute chart alert, because of the low Initial Trend reading, and look to play a trend reversal if prices weaken through uptrend line (blue) support around the 98.80 area.