USD/JPY 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A double top at 118.28 for USD/JPY led the pair south starting December 2016, leading to tests of the recent support at 111.84. The pair has now stepped underneath the level while being bound by a channel down pattern, meaning that this could either be the beginning of a downtrend or just a false breakout. While the channel has not been broken yet, there are some bullish pressures building up. Lows becoming higher have led to a falling wedge formation on the hourly chart, which could mean that the rate is just struggling with a conclusive break below the area or alternatively, that a surge might follow. Immediate resistance at 111.15 will serve as an indicator – a break below would imply a downtrend, while a bounce should lead to a rally at least towards 112.16.
© Dukascopy Bank SA
Back to articles

Actual Topics

Wed, 22 Mar 2017 07:27:50 GMT

USD/MXN 1H Chart: Channel Down

USD/MXN looked rather bearish with a double top at 22.01 and several downward sloping patterns guiding the motion south. A senior channel has gained its ground with a multitude of confirmations and solid trend-lines and shows little reason to believe that it might break. The pair has just broken a short-term channel down that has served its purpose to lead

Tue, 21 Mar 2017 13:05:27 GMT

USD/RUB 4H Chart: Channel Down

The US Dollar is trading in a short term descending channel against the Russian Ruble, as the currency exchange rate recently broke out of a medium term ascending channel. The rate might move in the tight range of the descending pattern down to the lower trend line of a large scale descending channel. However, that is highly unlikely, as rarely

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.