USD/JPY 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Greenback is surging against the Japanese Yen in a medium term ascending channel. In the meantime, the pair is also in a large scale descending channel. Most recently the currency exchange rate rebounded against the upper trend line of the medium term channel, and it failed to find support in the strong levels of significance below it. A rebound in accordance with the ascending channel will encounter the resistance put up by those levels. Those levels are the 23.60% Fibonacci retracement level at 114.29 and the 200-period SMA at 114.32. The Fibonacci retracement levels are measured on this pair by connecting the December high level with the low level of last September. Due to the complexity of the situation, traders are advised to continue monitoring the rate first before making a move.
© Dukascopy Bank SA
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