USD/JPY 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The channel down pattern formed by USD/JPY once appeared in our release of Trade Pattern Ideas; however, now it represents a particular interest and it is worth analyzing it again. After plummeting to almost a two-month low on October 1, the pair regained strength to reach the upper boundary of the pattern at 97.70. Currently, the pair is trying to gain a footing above this important resistance, meaning that the bullish breakout may occur. In case this comes true, the currency couple is likely to rally in the hours to come. However, USD/JPY has been trading outside the pattern for only two hours and the breakout may be false, implying that the pair may return to the pattern limits.
© Dukascopy Bank SA
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