USD/JPY 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The US Dollar is currently testing the ascending channel's support line, a confirmation of which is likely to send the USD/JPY soaring towards the monthly R2 at 123.50. A breach of this resistance would allow the Buck to retest the channel's upper boarder somewhere between 124.00 and 125.00 in the near future. Contrariwise, if the Greenback fails to find support in face of the up-trend today, the 200-period SMA (also bolstered by the weekly PP and monthly R1) could then provided sufficient demand. Technical studies are supporting the viability of the support line succeeded in causing a rebound, but traders remain wary of the pair succeeded to advance, as 75% of all positions are short.
© Dukascopy Bank SA
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