EUR/SEK 1H Chart: Rising Wedge

USD/JPY 1H Chart: Triangle

The USD/JPY currency pair has approached a very important point in its development on a 1H time-frame. The pair has been creating a triangle pattern during last four trading days, and on April 28 the cross should commence an eventual break-out. Judging from technical indicators, the Greenback is more likely to decline, rather than to increase in value, as all studies are currently pointing to the downside. Moreover, substantial bearish pressure will be created by the weekly pivot point at 119.21, as well as 200-hour SMA from above. At the same time, the majority (73%) of participants at the SWFX market are holding long opened positions on the Greenback against the Japanese Yen.

EUR/SEK 1H Chart: Rising Wedge

On April 16, the EUR/SEK currency pair reached its lowest point since March 18 at 9.2250. This level provided pair's bulls with considerable positive momentum for growth, and the single European currency recovered noticeably. In the meantime, the trading range inside the bullish channel has been decreasing over time. As a result, we are currently dealing with the rising wedge pattern. However, the range is still wide enough to allow major moves to take place. In the short-term, the Euro is expected to grow, with a target at 9.42 (pattern's resistance). However, 71% of SWFX traders forecast the bears to drive EUR/SEK to the downside in the long-term.