USD/JPY 1H Chart: Channel Up

The support at 100.80 did not let the bears to push the price lower by triggering a robust recovery, which is already more than 250 hours long. However, at the moment USD/JPY is trading right next to the upper trend-line of the channel, meaning there is a high possibility of a bearish correction. The dip is expected to pierce through the nearest support at 102.48 and then head towards the lower rising trend-line at 101.90, where after a reprieve the bulls are likely to take control of the market once again. The bullish outlook is also popular among the SWFX traders, 74% of whom are currently holding long positions on the U.S. Dollar.