USD/JPY 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Pair has been in a noticeable uptrend since the last week of August and pattern at hand could be easily perceived as a some sort of bearish correction. Especial attention should be taken when the pair approaches daily S1/20-day SMA since that was the level of the recent bounce and there is always a chance that the pattern might not work out. In general, however, pair seems to be developing in the ranks of the pattern rather well. Pattern's quality is just slightly above the average due to the slightly unparallel pattern's support and resistance. Pattern's magnitude isn't high as well, mainly due to the small slope of the pattern.

© Dukascopy Bank SA
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