USD/JPY 1H Chart: Channel Down

Source: Dukascopy Bank SA
After tests of 118.19, the annual high, in December 2016, USD/JPY left the area and has now entered a conclusively bearish setting in a channel down pattern on the hourly chart. The pair is currently testing the upper boundary of the pattern at 110.66 and, while we expect it to stay inside the bounds of the pattern, there are upside risks in sight. A cloud resistance along with several other indicators provides solid supply pressures just above the channel lines, meaning that if the rate manages to break to the upside, a correction should definitely take place. In case, however, the pair does remain inside the channel, 110.29 will be the first resistance, but 109.11 – the ultimate one.
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