USD/JPY 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/JPY failed to sustain recently acquired bullish momentum and bounced off of 121.50. As a result, the pair is now forming a bearish channel, meaning the gains are to be limited by the falling resistance trend-line at 120.70/60, while the target is at the level of 120 yen, where the weekly S1 merges with the 200-hour SMA and the lower edge of the pattern. Alternatively, should the price gain a foothold above 120.70, the attention will be back on the nearest peak at 121.50. In the meantime, below 119.90 the focus should be on the Oct 22 low at 119.60. As for the attitude of the SWFX market towards USD/JPY, there are less and less people staying long: right now 76% of traders are bulls.
© Dukascopy Bank SA
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Wed, 28 Oct 2015 14:05:08 GMT

EUR/CAD 1H Chart: Channel Down

Short term perspectives for the EUR/CAD currency pair are mixed. The common currency is attempting to breach the upper trend line of the bearish pattern, which is guarded by the 200-hour SMA from above. On the other hand, demand is being provided by the weekly pivot point at 1.4622. Other support levels include 55/100-hour SMAs and daily S1 at 1.4580.

Wed, 28 Oct 2015 06:23:07 GMT

GBP/JPY 4H Chart: Channel Up

Since the previous time we looked at GBP/JPY, the currency pair has nearly completed the bearish correction, and we prepare for a rally. The present sell-off from 186.36 (monthly R1 and resistance line) should bottom out around 183.50, where the lower boundary of the channel coincides with the monthly pivot point. The target will then be the last month's peak

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