USD/JPY 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
A stab to almost a one-month high on October 17 enfeebled the pair and USD/JPY commenced a bearish trend that took it to a three-week low reached on October 23. The deep selloff appeared to slightly fortify the currency couple that managed to bounce off the recent low to trade near its four-hour pivot point at 97.33. Traders bet on the further appreciation of the pair as 61.97% of all orders are placed to buy the currency couple, according to the SWFX data. If these expectations materialize, USD/JPY is likely to move farther away from the lower bound of the pattern thus making the bearish breakout less possible in the days to come.
© Dukascopy Bank SA
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