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 managed to start a strong recovery at the end of October. The rally, however, was bound by two rising trend-lines, meaning there is a bullish channel currently emerging on the four-hour chart. Still, the market is yet to confirm reliability of the lower boundary of the pattern, which was respected only a few times. Right now USD/JPY is testing 102.45 and needs to rebound from this level in order to confirm its bullish intentions.
According to the SWFX sentiment index, traders at the moment are inclined to believe the U.S. Dollar is likely to appreciate—58% of them are currently holding long positions.

© Dukascopy Bank SA
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Wed, 11 Dec 2013 12:47:39 GMT

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