USD/JPY 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/JPY commenced a retreat at a three-month high of 104.12 attained in the very beginning of April. The decline has been being performed in the 163-bar long bearish corridor that pushed the pair to a three-week low two days earlier.
Now the instrument is on the brink of breaking out of the tunnel as it has already overcome the pattern's resistance and now only two levels 101.57/9 (50-hour SMA, daily S1) and 101.74/82 (daily S2, S3) are capable to contain a sharp appreciation that usually follows a bullish breakout from a trading pattern. According to the SWFX data, traders are in favour of the rally-almost 70% of all orders are placed to buy the pair.
© Dukascopy Bank SA
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