USD/JPY 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Given the recent developments in the USD/JPY pair, the US Dollar is likely to keep underperforming the Yen for now. Although the technical studies are mostly pointing upwards at the moment, the price trading just below the trend-line is considered to be a stronger signal. Accordingly, the base case scenario is a sell-off from 123.70 down to 122.90. Conversely, even if the indicators prove are correct, and USD/JPY breaks the immediate resistance, there will still be a plenty of levels to stop appreciation of the US Dollar, such as the weekly PP and 200-hour SMA at 123.94 and Jul 24 high at 124.09. In the meantime, an overwhelming majority of traders is long, namely 74% of them.
© Dukascopy Bank SA
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Wed, 29 Jul 2015 05:49:03 GMT

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