USD/JPY 30M Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Demand for the Japanese Yen soothed in the aftermath of Donald Trump's victory, causing USD/JPY to contain its movements neatly inside of a channel up pattern. Currently mid-pattern, the pair is on a flattish motion south to test the bottom trend-line at 107.91/84. The rate has lost volatility, causing the market to range with movements squeezed between the monthly R2 and 55-period SMA at 108.18 and 108.03 respectively. When the pair manages to conclusively close below 108.16, it will shift our focus to 108.03 and later 107.91/85. We expect the test of the bottom trend-line to result in a bounce from the area and a motion north towards the upside boundary. A break below the channel is unlikely, due to the 100-period SMA strengthening the bottom trend-line and other time-frame SMAs elevating the rate through the pattern.
© Dukascopy Bank SA
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