USD/JPY 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Considering the pattern emerging in the one-hour chart of USD/JPY and the fact that the price is trading above its long-term moving average, the outlook on the currency pair is moderately bullish. The US Dollar is expected to extend the recovery from the green trend-line up to the upper boundary of the channel at 109.80. Appreciation of the Greenback in the long run, however, seems less likely. First, the technical indicators are either mixed or neutral. Second, the Dollar is overbought—as many as 71% of open in the SWFX market positions are already long. If the price fails to hold above 108.50/40, it will be expected to take a long fall down to the May 6 low at 106.40.
© Dukascopy Bank SA
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