USD/JPY 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
On a short term the US Dollar is in a descending channel against the Japanese Yen. However, simultaneously there are two other active channels, which influence the pair's movements and need to be taken into account. Until the end of this week the rate is set to move lower, as it recently bounced off the upper trend line of the short term channel. However, is unclear where the pair will find support, as the lower trend lines of all of the channels are located below it. Due to that traders have to keep watching the 115.07, 114.61 and the 114.13 levels. In particular, market participants need to look at these support levels when they are passed or a rebound occurs.
© Dukascopy Bank SA
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