USD/JPY 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
At the moment the US Dollar is in a good position to start gaining ground. USD/JPY is currently facing a dense demand area at 118.30/00, created by a number of studies, including the support trend-line, monthly PP, 200-period SMA and Feb 9 low. The bullish outlook is also reinforced by the indicators. While we may see some weakness in the very near term, most of the daily and weekly technicals are pointing north. In case of a rally the first significant resistance is supposed to be at 120.24/11, followed by the Feb 11 and Dec 23 highs at 120.48 and 120.83, respectively. Meanwhile, the key level is the 2014 peak at 121.85.
© Dukascopy Bank SA
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