USD/JPY 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After a distinctly bullish market (Aug 8-Oct 1) USD/JPY was undergoing a prolonged correction (Oct 6-15). But now, following a test of the support near 105, the currency pair is once again gaining upward momentum. The last two days the price has been flat, but another up-move should emerge once the US Dollar lands at 107.60. There it is going to be underpinned be the daily pivot point and a two-week up-trend. A rally from here will supposedly surpass the Oct 23 high at 108.40 and reach the up-trend at 109. Meanwhile, most of the traders reckon the Japanese Yen will outperform the Greenback—61% of positons are long.
© Dukascopy Bank SA
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