USD/JPY 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
After prolonged loss of value by the Japanese yen it is not unexpected that we are seeing some sort of price correction which in this case comes in form of the Channel Down pattern at hand. Although the pair recently rebounded from the pattern's resistance it is a bit unclear if such trend will persist as medium to long term technicals point at the recovery of the pair. On the other hand the same was indicated by the short tem technicals just right the rebound from the pattern's resistance. We could pay more attention to the market sentiment since 54% of pending orders are set to go long on the pair indicating that the traders are waiting for a dip.
© Dukascopy Bank SA
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