USD/JPY 4H Chart: Double Bottom

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Judging by the situation in the daily chart, USD/JPY is currently in the middle of a new bearish wave within a descending channel. However, because of solid demand circa psychological 100 yen level, there is a good chance of a rally. This possibility is reinforced by the fact that the price is forming a double bottom, a pattern that implies a strong recovery once the neckline, in this case 102.50, is breached. If this is the case, the first target will be a cluster at 103.30/20, while the upside will likely be limited by the major downtrend line at 105 yen. Among the arguments against a more expensive Dollar are bearish technical indicators and the fact that the currency is overbought—62% of positions are long.
© Dukascopy Bank SA
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Fri, 12 Aug 2016 08:10:03 GMT

EUR/SEK 4H Chart: Channel Down

The near-term outlook on EUR/SEK is bearish, as the currency pair has recently formed a well-defined descending channel following a failed attempt to revisit 2015 highs. After a small upward correction from 9.41 the pattern implies a sell-off from its upper boundary at 9.46.The decline, however, is expected to be limited by support at 9.36 because of the four-month uptrend

Thu, 11 Aug 2016 13:07:04 GMT

SGD/JPY 4H Chart: Channel Down

The Singapore Dollar is depreciating against the Japanese Yen in a channel down pattern, as the currency exchange rate has been struggling with the pattern's upper trend line for the past week. On its way down the pair is likely to find support at two levels, which are represented by the weekly S1 at 74.98 and weekly S2 at 74.31.

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