USD/JPY 4H Chart: Channel Up

Comment: Greenback is gaining value after a significant end of May to mid-June sell off. It is reasonable to think that Fibonacci retracements of that move could have significant impact on the pairs move. Fibo 61.8% level already caused some problems when pair wanted to bounce from the pattern's support in the beginning of July. Technical indicators, however, give a strong indication about pairs further appreciation.  It shouldn't be before long we will see it testing 56 month (since August 2010) high at 107.7.