USD/JPY revealed short-term channel

Note: This section contains information in English only.
Source: Dukascopy Bank SA
PositionsTodayYesterdayChange
Longs44%41%7.4%
Shorts56%60%-5.8%
Indicator4H1D1W
MACD(12;26;9)SellSellSell
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)NeutralNeutralNeutral
Alligator(13;8;5)NeutralSellSell
SAR(0.02;0.2)SellSellBuy
Aggregate

On Tuesday, the USD/JPY currency pair revealed a short-term descending channel. During today's morning, the pair was trading near the upper channel line at 107.70.

From a theoretical perspective, it is likely that some downside potential could prevail in the market, and the exchange rate could re-test the lower channel line near 107.25.

If the given channel holds, it is likely that a reversal north could follow. Otherwise, it is likely that the currency pair could target the psychological level at 107.00.

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