USD/JPY slips in a channel down

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 65% 62% 4.62%
Shorts 35% 38% -8.57%
Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Sell Sell
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3; 3) Sell Sell Neutral
Alligator (13; 8; 5) Sell Sell Sell
SAR (0.02; 0.2) Sell Buy Sell
Aggregate

Yesterday the Greenback made a few attempts to break to the top through a combination of the weekly and monthly PP, but failed. For this reason, the Yen continued to appreciate in a descending channel. 

Today, the pair is expected to continue to move towards the weekly S1 at 108.80, as the northern side contains too many barriers to allow the buck to recover. The only difference is that this time it seems that the channel has transformed into a falling wedge. 

However, this minor detail does not change the general projected direction for the pair.

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