USD/JPY 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A rise to a two-month high of 102.79 early April initiated a long-term depreciation of the U.S. Dollar versus the Japanese Yen. The largest part of the slide has been performed within the limits of the 180-bar long bearish tunnel, where the pair touched a one-month low of 101.23 late June.
In the foreseeable future, the greenback is likely to recover some losses against its Asian counterpart since the pair got an impetus for a climb after hitting the recent low. This is further propped up by the SWFX sentiment – almost 63% of all orders are placed to buy the pair.
© Dukascopy Bank SA
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