USD/JPY 1H Chart: Channel Up

The pattern started when the pair started appreciating from 77.797; currently it is trading at 78.531. Technical indicators on aggregate point at appreciation of the pair on 4H horizon suggesting that pair will continue to follow pattern's, upward sloping, trend. The SWFX market sentiment is bullish—75% of all open positions on the pair are long. In addition, in 200 pips range from current market price 74% of all pending orders are to buy. Long traders could focus 20 bar SMA/daily pivot (PP) at 78.645/662, Bollinger band/pattern's high at 78.841/877 and pattern' resistance at 78.985.

Short traders, who think that this pattern might be only bullish correction of pairs move since and pair will resume depreciating again, could focus on daily pivot (S1)/Bollinger band/pattern's support at 78.451 and 200 bar SMA/daily pivot (S2) at 78.097/069.