USD/JPY 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
There is a risk the Dollar is going to continue underperforming against the Japanese Yen in the near-term future. Right now the cross is located at the upper bound of the channel down pattern, which is intensively guarded by the 200-hour SMA at 114.39. The future trend of the movement will be clearer when USD/JPY escapes a narrow, but dense technical cluster at 113.50/114.40. From the point of view of the SWFX market the pair is overbought, as 69% of all trades are long. Moreover, daily indicators are pointing to the South, thus supporting the case of a slump. A sell-off is unlikely to be contained by any level before 111, namely the multi-month low, followed by weekly S1 at 110.32.
© Dukascopy Bank SA
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