The Japanese Yen Index descending wedge pattern initially broke to the downside, the opposite expected move statistically. A double bottom formed shortly after and reversed

JPYX has been in a descending wedge holding pattern since July of this year and has yet to successfully break out toward the upside. This

JPY showed a quick bout of bull strength on Monday and Tuesday of last week only to fall back down to the bottom of the

JPY is forming a beautiful descending wedge and after 13 weeks of formation, the time may be near for a pullback to the previous resistance.