USD / JPY: Monitor output rising wedge

During the last night, the USD / JPY has made a double top at 100.87 before a brutal bear rally intervene. The pair lost about 150 pips during the day. Currently the price is testing the lower limit of a rising wedge (reversal pattern) to 99.50. This level also corresponds to a short-term bullish slant (blue line) around which the price ranges for several weeks.

We recommend treating the pair outside the range 99.50/100 points:

- A bottom exit (exit bevel + break oblique short term) will give a sell signal. The course should then test support at 99. The breakout of this level definitely validate the reversal of the pair. 98.10 is the next support level.

- A top out indicate a reversal of the upward trend. A new test of the highest to 100.87 would be to anticipate.

ps: Traders with a more aggressive strategy can treat the pair depending on 99.50 point (along the top, short below)

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