USD/JPY 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Greenback-yen cross has been developing in the ranks of the Channel Down pattern rather well. Since the pair rather recently rebounded from the pattern's resistance  and pattern's quality and magnitude ratings are just slightly above the average we could say that we could expect returns from smooth and predictable moves of the pair rather than from volatility. However, we should pay attention to the fact that pair is approaching Fibo 50% retracement (mid of June till the beginning of July move) which caused some turbulence in the last few days of the July.

© Dukascopy Bank SA
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