USD/JPY 4H Channel: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The US Dollar is still set to depreciate against the Japanese Yen, never minding the recent rebound of the currency exchange rate. The rebound occurred due to the rate reaching the 38.20% Fibonacci retracement level, which is located at 112.60. However, the reason for a continuation of the decline is that the currency exchange rate still remains in a descending channel pattern, which has been in force since the beginning of January. The pair is set to surge and reach the pattern's upper trend line, which will provide the needed resistance to push the currency exchange rate lower. Although, traders have to watch out for fundamental changes in US fiscal policy.
© Dukascopy Bank SA
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