USD/JPY 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
This channel is the result of USD/JPY violating the major trend-line at the beginning of January and confirming the breakout at the end of the same month. The currency pair is therefore well-positioned for a lasting sell-off, though not necessarily within these trend-lines. During the next two days, however, we are likely to see a bullish correction. USD/JPY is about to arrive at 111.64/49, where the lower bound of the pattern is reinforced by the weekly S1 and daily S3, meaning that demand here should be sufficient to trigger a two-day rally. Once retracement comes to an end, the target will be this month's lowest level, namely 111 yen. In the meantime, the SWFX sentiment is bullish—72% of positions are long.
© Dukascopy Bank SA
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