USD/JPY 1H Chart: Channel Up

After reaching the most recent bottom at 119.40 on Tuesday, the US Dollar commenced a recovery in its pair with the Japanese Yen. For the time being the cross has already regained more than 150 pips. It is also trading above all short and long term moving averages at the moment, which should provide additional support for the pair. We expect the Greenback to continue appreciating and this view is shared by 57% of SWFX market participants. In the meantime, daily technical indicators are sceptical about the bullish ability to push USD/JPY higher. In case of a failure at any of nearest resistances, bulls may rely on support from the 120.20/40 area, followed by pattern's lower boundary at 119.65.