USD/JPY 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The end of May and the first week of June were exceptionally positive for the US Dollar, which rallied against the Japanese Yen, crossed the 2007 high and hit this year's maximum at 125.85. However, now the correction is taking place; therefore, the cross has formed a bearish channel pattern. In the long run some weakness is likely to persist and the pair should respect the pattern's boundaries, currently at 123.63 and 121.65. The pair is also expected to tumble in the direction of the lower edge in the next 24 hours, as this scenario is considered by the daily technical indicators. At the same time, the majority (69%) of SWFX traders still favour an appreciation of the Greenback against the Yen.
© Dukascopy Bank SA
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