USD/JPY 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
After receiving strong impetus from FOMC meeting the USD/JPY dropped directly to pattern's support, however, today the pair recovered almost 1% and at the moment of writing the price stood at the level of upper trend line. However, neither market sentiment nor aggregate technical indicators do not give a clear "buy" or "sell" signals. Nevertheless, the greenback is likely to depreciate versus its major peers for at least one month– until the next Fed gathering. As usually, a move towards pattern's resistance is interpreted as a "sell" signal, so short traders could focus on 98.43– daily pivot and 4H support, while lower is located a weekly support.
© Dukascopy Bank SA
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