USD/JPY 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Shortly after the U.S. Dollar started to recover from a two-month low of 101.77 against the Japanese Yen, the pair embarked on formation of the channel down pattern that prevented the greenback from further rebound versus the Japan's national currency.
Now the pair is trading below its 50-hour SMA at 102.45, albeit slightly and is likely to try to surpass this resistance before long given that more than 63% traders bet on appreciation of the currency pair. If the pair meets traders' expectations, it may even target four-hour resistances at 102.45/54 that if overcome will open the way for the pattern's resistance at 102.67.
© Dukascopy Bank SA
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