USD/JPY 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
On August 30, a golden cross was observable on the USD/JPY one-hour chart that was a start to the channel up pattern. At the moment, short-and long-term SMAs are meandering above USD/JPY that is struggling to remain above its four-hour support at 97.37 (four-hour S1). The pair is not likely to fall under this important support zone and may reverse its direction to the north to the 200-hour SMA, as market players are mostly bullish on the pair. However, a short-term decline also remains a possibility as technical indicators are bearish in the short-run. However, in the longer-term, the pair is expected to see a sharp advance.
© Dukascopy Bank SA
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