USD/JPY 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since the end of October the Greenback has been surging against the Japanese Yen in a medium term ascending channel pattern. However, due to the US presidential elections the pair did bounce out of the pattern for mere sixteen hours. The medium size pattern is a representation of the rates surge in the aftermath of a rebound against a larger scale pattern's lower trend line. Meanwhile, the large scale ascending channel formed as a result of the pairs rebound after a long decline, which lasted since May 31 2015 until the summer of 2016. However, as the pair has already reached and touched the large scale channel's upper trend line, it is most likely that a new descending pattern is about to form.
© Dukascopy Bank SA
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