USD/JPY 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/JPY has been trading in a narrow corridor formed by two upward sloping lines for 278 hours and seems to have no intension to breach the pattern's limits in the nearest future. Currently, the pair is struggling at its 50-hour SMA at 101.52, below which USD/JPY dived after hitting a half-year high on November 25. According to the SWFX data, market participants are strongly bullish on the pair, with 78.57% of all orders being placed to buy the instrument, signalling that a formidable resistance sitting at the 50-hour SMA is not likely to put a lid on the pair's upswing and may be breached in the hours to come.
© Dukascopy Bank SA
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