USD/JPY 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A 301-bar long Channel Down pattern was formed by USD/JPY on April 30, however, the pair is moving to its apex. Usually, trading around the resistance line would be interpreted as a "sell" signal, however, in this case an upside breakout is expected. This idea is supported by aggregate technical indicators on 1D and 1W charts. The penetration of upper trend line, will suggest the continuation of an uptrend, meaning further depreciation of the Japanese Yen against its major peers, including the U.S. Dollar.
© Dukascopy Bank SA
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