USD/JPY 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/JPY was initially trading above its 200-bar SMA that acted as a strong support zone for the pair. However, a plunge below its 200-bar SMA on July 26 triggered a deep sell-off. Having fallen to a one-month low of 96.57, the pair regained strength and attempted to consolidate above its 200-bar SMA, but USD/JPY did not succeed in its endeavour and fell to a pattern's support line that was at 95.83. Currently, the pair is trading near the pattern's resistance at 98.16. A rise above 98.15 (daily R1) and 98.50 (daily R2) would suggest a rally towards its 200-bar SMA, while a drop under 97.29 (daily S1) and 96.77 (daily S2) would bring a downswing back into the picture.
© Dukascopy Bank SA
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