USD/JPY 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
As the US Dollar traded in the large scale borders of a descending channel pattern against the Japanese Yen, a short term ascending channel was formed. The channel guided the rate on its final path to the upper trend line of the long term descending channel. Due to that factor the channel up pattern is set to be broken and the currency exchange rate is likely to retreat. However, the pair is set to face strong support levels, as it is simultaneously affected by the Fibonacci retracement levels, which are measured by connecting the 2016 low and 2015 high level, and a second set of retracement levels, which are measured via the 2017 low and high levels.

  Level  Rationale     Indicator 1H 4H 1D
R4 113.40/47 50.00% small Fibo; trend; weekly R1     MACD (12; 26; 9) Buy Buy Buy
R3 112.80/84 Trend line; monthly R1     RSI (14) Neutral Neutral Neutral
R2 112.61 55-period SMA     Stochastic (5; 3; 3) Buy Sell Sell
R1 112.45/47 50.00% large Fibo; 100-period SMA     ADX (14) Neutral Buy Buy
S1 112.36/34 Trend line; weekly PP     CCI (14) Buy Neutral Neutral
S2 112.16 38.20% small Fibo     AROON (14) Buy Buy Buy
S3 111.96 200-period SMA     Alligator (13; 8; 5) Neutral Buy Buy
S4 111.63 Weekly S1     SAR (0.02; 0.2) Sell Buy Buy
          Aggregate ↗ ↗ ↗
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