USD/JPY 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Being underpinned by the support at 97, the currency pair was able to commence a strong rally, which later turned into a 140-pip wide upward-sloping channel. According to the four-hour technical indicators, USD/JPY is likely to preserve its bullish momentum in the short run, on the condition that the rising support line at 101.89, which safeguards the bullish outlook, stays intact.
However, as soon as the price surpasses 102.90, the downside risk will dramatically increase, being that there is a tough resistance area beyond 103.37, it mainly consists of the highs reached in May.
© Dukascopy Bank SA
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