USD/JPY 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The U.S. Dollar has been depreciating against the Japanese Yen since the U.S. currency hit a ten-day high against the Yen on October 17; the decline has lasted for 149 hours and is likely to last even longer as the U.S. does not show any willingness to either jump above the upper boundary of the channel down pattern or give up struggling and slide below the lower limit of the pattern. Meanwhile, the traders' faith in the U.S. Dollar appears unshakable as 66.53% of them are bullish on the pair even despite the fact that technical indicators are pointing to a decline in the short-term.
© Dukascopy Bank SA
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