USD/JPY 1W Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Judging by the situation on the weekly chart, we are currently in the upper part of the bullish channel, a fact that increases the downside risks. On the other hand, the bulls have recently proved their strength by throwing the Dollar above the 2007 high, and the technical indicators are largely pointing north. Still, a test of the resistance trend-line at the level of 130 yen is likely to lead to a start of a correction, which may extend down to the 2015 low at 116, also the lower edge of the pattern. There the bulls should regain control and commence a new up-leg. Alternatively, if resistance at 130 or support at 116 fails to contain the pair, we will expect a move towards the 2002 high at 135 or the 2014 low at 101, respectively.
© Dukascopy Bank SA
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