The Federal Reserve in the U.S. and the Bank of Japan have their April policy meetings taking place this week, which is likely to boost the underlying volatility currently observed on the USDJPY.
At present, the price action is contained within the boundaries of a Descending Wedge, which is a type of pattern that typically entails the likely continuation of bullish price action (after the price breaks out above the Wedge's upper boundary). It is also interesting to note that the price action is currently consolidating around the 38.2% Fibonacci retracement level.
The price action is likely to continue fluctuating between this pivotal support and the upper boundary of the Wedge in the near future before the eventual breakout takes place.
At present, the price action is contained within the boundaries of a Descending Wedge, which is a type of pattern that typically entails the likely continuation of bullish price action (after the price breaks out above the Wedge's upper boundary). It is also interesting to note that the price action is currently consolidating around the 38.2% Fibonacci retracement level.
The price action is likely to continue fluctuating between this pivotal support and the upper boundary of the Wedge in the near future before the eventual breakout takes place.
