USD/JPY 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A jump to a two-month high on Sep 11 provoked a sharp decline of USD/JPY; however, the channel down pattern started only on Sep 26. Recently, the currency couple has bounced off a one-month low and is currently trading at the four-hour pivot point at 97.15. Despite bearishness of the pattern, 64.96% of the market players bet on the appreciation of the pair. The confirmation of this outlook will be a break through the region of 97.15 (four-hour PP) and a test of 97.25/32 (daily PP and 50-hour SMA). At the same time, if the pair prolongs its downside trend, it may drop below 97.06/6.97 (daily S1, S2; four-hour S1) that would bring a one-month low back into the picture.
© Dukascopy Bank SA
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