USD/JPY 1D Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Greenback-yen cross has been appreciating for quite some time making the formation of a Channel Up pattern highly expected. Recent pullback raises few questions about the continuity of the pattern. However, it is worth pointing out that major level at 100 JPY and Fibonacci retracements (September, 2012, till May, 2013, move) are playing significant role in this—the most recent bounce from the pattern's support and point which triggered the now at hand pullback. Technical indicators suggest that pair is likely to trade sideways for some time and then, most likely when the pattern's support is reached, to start appreciating.

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