USD/JPY Technical analysis

Note: This section contains information in English only.
Source: Dukascopy Bank SA
USD/JPY pair on the 1-hour timeframe is currently entrenched in a bearish trend clearly defined by a descending channel structure that has guided price action with a series of lower highs and lower lows. Trading around 154.662, the price is currently approaching a significant technical confluence at the lower boundary of this channel which coincides with the 23.6% Fibonacci retracement level at 154.49.



This area represents critical support where if the price respects this floor we could see a corrective bounce targeting immediate resistance levels at the 38.2% Fibonacci mark of 154.96 and the 50.0% level at 155.33 or potentially a retest of the upper slope of the channel.
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