USD/JPY 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
It seems the pair is facing a strong downside pressure around 97.90, as bulls are struggling to break through this level. Moreover, around this level are located sell orders, and as long as traders will sell the pair around pattern's resistance, the level will not be breached. Even though since morning technical indicators on 1H and 4H turned into positive territory and pointing at appreciation of the pair in the short term, weaker-than expected jobless report is likely to push the pair lower. Furthermore, indicators on daily chart are sending "sell" signals, bolstering a view the pair will continue channelling down up to the next Fibonacci retracement at 97.759.
© Dukascopy Bank SA
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