USD/JPY 1H Chart: Channel Down

After peaking at 100.86 60 hours ago, USD/JPY started to move downwards in the direction of the 200-hour SMA, which has been already breached, meaning that the outlook is negative. Apart from the long-term simple moving average, the down-trend resistance line at 99.89 also makes it difficult for the currency pair to rally. Accordingly, we are biased to see continuation of the current decline. Still, it is imperative to notice that in a weekly and a monthly perspective USD/JPY may have just bottomed out, considering that seven out of ten SWFX marketplace participants are long the pair.