USD/JPY 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
It seems that the US dollar is getting ready to decline further in its pair with the Japanese yen. After weeks of confident gains, the USD/JPY pair started losing ground on December 8 and formed a bearish channel during last two weeks. At the moment it is testing the lower boundary of the pattern and we expect it to be successful. At first, there are no major obstacles that could prevent the pair from rising at least up to 119, where the weekly PP, daily R2 and 200-hour SMA are located. Moreover, 52% of market participants are holding long positions on the Greenback, while daily indicators point to the upside. In the long-term, however, they suggest the Dollar will decline.
© Dukascopy Bank SA
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Wed, 17 Dec 2014 14:55:04 GMT

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