USD/JPY 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A decline to a three-month low of 100.81 helped the U.S. Dollar to accumulate some strength against the Japanese Yen that resulted in the pair's rally later on. While appreciating, the pair was relatively modest in terms of the amplitude of its moves thus forming a distinct upward sloping corridor.
Currently, one of the most traded currency pairs is headed towards the lower limit of the tunnel but a future stab to this trend-line is not likely to result in a deeper sell-off as almost two-thirds of traders on the SWFX bet on appreciation of the pair.
© Dukascopy Bank SA
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