USD/JPY 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Dollar/Yen currency cross has been moving in a distinct uptrend since the second week of September, when it started forming the bullish channel on a hourly chart. Right now the Dollar is preparing to face the lower boundary at 108.24, trading just above this level around the weekly pivot point at 108.40. If the attempt to cross this level is unsuccessful, we can expect the currency pair to gain value. Despite that, SWFX traders are convinced that it will manage to breach the pattern's support and move lower, as more than 66% of all opened positions are short at the moment. Meanwhile, technical indicators oppose both ideas, as studies on all time-frames are mixed for the time being.
© Dukascopy Bank SA

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