USD/JPY 1H Chart: Double Bottom

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The U.S. Dollar has been mirroring the trajectory of its British counterpart against the Japanese Yen. Like the British Pound, the U.S. currency commenced a retreat against its Asian peer at the six-week high and seven days later it started to shape a double bottom pattern that now is around 90-bar long. However, USD/JPY seems to be stronger compared to GBP/JPY since the pair has almost reached the 50-hour SMA at 101.59 and is likely to overcome this key level preventing a climb to the neck-line at 101.94. This is supported by market players who place long orders in 57% of cases.
© Dukascopy Bank SA
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