USD/JPY 1D Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Despite the average quality of the pattern the outlook on USD/JPY is bullish, as the lower trend-line has been confirmed by the market on plenty of occasions during the last eight months. Probability of a change in the bias is also decreased by the fact that the lower boundary of the channel is reinforced by the July low and 200-day SMA.
Right now the pair is approaching the June high, but the rally is likely to extend up to the red trend-line before the Dollar starts a correction. However, the indicators are mostly neutral, suggesting there could be a period of sideways trading before any meaningful move. Meanwhile, the sentiment is strongly bullish: 74% of open positions are long.
© Dukascopy Bank SA
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