USD/JPY 1W Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Judging by the situation in the weekly chart, the US Dollar is ready to commence a long-term recovery. Right now USD/JPY is trading near a major rising resistance line at 118, which should be able to trigger strong buying. And even though the weekly technicals are against a bullish scenario, meaning we may get closer to the lower trend-line first, most of the monthly studies are pointing upwards. Once the price gets above the June high at 126, the next objective will be 135 yen. Alternatively, in case the exchange rate drops beneath 118, the sell-off will likely go on until we hit a solid support level at 100, created by the 2014 low and 200-week SMA. Failure here will imply weakness until the 2011 low at 75 yen.
© Dukascopy Bank SA
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