USD/JPY 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/JPY soared to levels unseen since January 2016 just to prove the level unsustainable and slip inside a channel down pattern. The pair is now sticking to the upper boundary at 117.56 and is supposed to slide towards the bottom boundary of 115.94 anytime soon. The scenario is supported by the rising wedge sketched on a smaller scale inside of the channel pattern. The first downside target lies just below at 117.22 with more risk at 117.14 and then 116.98. A surge is likely to be cut at 117.66, the upper boundary of the channel and the SMAs resting below are about to spill some flatness into the motion.
© Dukascopy Bank SA
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