USD/JPY 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The currency pair is currently undergoing a correction phase within the bullish channel after plunging 4.5 yen since the beginning of the month. Accordingly, the bears should eventually retake control of the pair, but for the time being there is a good chance the rate will rise, especially considering that the hourly and four-hour technical indicators are mostly pointing north. In addition, there is a strong demand zone between 109.30 and 109.00, being that it is created by the lower boundary of the pattern together with the weekly pivot point and 200-hour SMA. The distribution between the bulls and bears, however, favours a sell-off, being that 72% of positions are already long and 28% are short.
© Dukascopy Bank SA
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