USD/JPY trades within channel's borders

Source: Dukascopy Bank SA
© Dukascopy Bank SA
"The dollar looks like it has run its course against the yen for now."  
– Mizuho Securities (based on Business Recorder) 

Pair's Outlook 
Yesterday's decline in the USD/JPY pair's exchange rate was the last touch required in order to establish a descending channel pattern. Today a bearish outcome is highly unlikely, as the immediate support, which kept the pair from falling deeper down yesterday, is now also reinforced by the channel's lower trend-line, making demand around the 116.35 level even stronger. According to technical indicators the US Dollar is to outperform the Yen today, providing an additional sign of a possible positive outcome. However, the Greenback could reclaim the 117.00 major level today, but a surge beyond 117.25 is doubtful, as there the channel's resistance line coincides with the weekly PP.  

Traders' Sentiment 
Market sentiment is now equally divided between the bulls and the bears, while only 51% of all pending orders are to purchase the Buck.
© Dukascopy Bank SA

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