USD/JPY 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The robust appreciation of the American dollar versus Japanese yen started in the beginning of August. As a result, this development led to emergence of the bullish channel on a four-hour chart. Moreover, recently the cross has bounced from the lower trend-line of the pattern, meaning that the pace of growth is likely to increase. At the moment the pair is limited by a resistance, represented by the weekly and monthly R1, which may hold the pair's bulls for some time. The neutral scenario is shared by SWFX market participants, as bulls (52%) and bears (48%) have almost the same number of opened positions. However, technical studies assume the pair will advance in the long-term.
© Dukascopy Bank SA
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