USD/JPY 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Starting from the very beginning of November USD/JPY has been forming an upward channel, meaning the outlook for now is bullish. At the moment the pair is moving away from the lower boundary of the pattern towards the upper trend-line at 118, which in turn is reinforced by the weekly R1 and 2007 Oct high. However, the US Dollar will have to breach the resistance at 117, represented by the Nov 16 high, first.
Meanwhile, the sentiment of the SWFX market is perfectly neutral, as there is virtually no difference between the amounts of long and short open, even though the technicals are mostly giving ‘buy' signals.
© Dukascopy Bank SA
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Tue, 18 Nov 2014 08:51:46 GMT

AUD/USD 1H Chart: Channel Up

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