USD/JPY Bearish Rising Wedge (Daily)

٨ يوليو ٢٠٢١

The decline in both US Treasury yields (US10Y) as well as Fed rate hike expectations (GEN2021-GEZ2023) is proving to be an albatross around the US Dollar's proverbial neck. It's possible that price action in recent months has taken the form of a bearish rising wedge on the daily chart, suggesting that USD/JPY rates may have more downside ahead. To this end, more weakness in USD/JPY rates will likely enfeeble the broader DXY Index's attempt to breakout of its multi-month symmetrical triangle.