USD/JPY 4H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
A rather short– only 63 bars long channel down was formed by USD/JPY and it seems the tendency will persist. At the moment of writing the pair was changing hands slightly below the 200-bar SMA, and according to the recent performance the pair is experiencing significant difficulties around this level. Hence, if this level is breached, lower prices are expected. Moreover, technical indicators on 4H and daily charts are sending "sell" signals, while there are no signs of a possible change in the trend as Stochastic is neutral. As the outlook is bearish, the short traders could expect the price to struggle around 98.153– weekly, daily and 4H support level.
© Dukascopy Bank SA
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