USD/JPY 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The US Dollar appears to be in a good spot to initiate a rally. The base scenario is a rebound from the up-trend at 122.90 and a recovery towards a dense supply area between 125 and 126 yen, which consists of the monthly R3, upper trend-line of the channel and summer highs. However, we should also not rule out a possibility of USD/JPY dipping beneath 122.90, especially considering the ‘sell' signals among the four-hour and weekly technical indicators. The focus will then shift to the monthly R1 at 122.08 and 200-period SMA at 121.20. Still, the risks are skewed to the upside, since the market is overcrowded with bears, who already take up three fourths of it.
© Dukascopy Bank SA
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