USD/JPY 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Greenback failed to break through the resistance put up by the 2016 high level against the Japanese Yen. As a result a decline of the rate began, and a descending channel pattern formed. The channel directed the rate from the 2016 high level of 118.67 to the 23.60% Fibonacci retracement level at 114.04. The Fibonacci retracement levels are measured by connecting the mentioned 2016 high level with the 2016 low level of June 24 of 99.04. Most recently the Yen made its second attempt to break through the retracement level. However, it failed to appreciate against the US Dollar further. Due to that it can be assumed that the currency exchange rate is set to surge.
© Dukascopy Bank SA
Back to articles

Actual Topics

Subscribe to "Fundamental Analysis" feed

Subscribe
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.