USD/JPY 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The USD/JPY currency pair made an unsuccessful attempt to bounce from the lower boundary of the bullish channel in order to growth further. The cross was surprisingly stopped by a rather weak resistance line represented by the daily pivot point at 118 and strengthened by the 55-hour SMA nine pips from above. At the same time, we assume that US dollar will eventually be able to continue developing upwards, considering a tough demand area around the current trading level of 117.60. Moreover, the vast majority of opened positions (64%) on the SWFX market are set to go long on the American dollar. Technical studies, however, see the yen strengthening in the long-term.
© Dukascopy Bank SA
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