USD/JPY Technical Outlook Remains Tied to Channel
USD/JPY Technical Highlights:
- USD/JPY lower-side of channel held as support overnight
- Channel remains the key guide for shaping a trading bias
USD/JPY is rising off the lower part of the channel dating to early January, it is becoming an increasingly reliable structure as it continues to mature. As long as the lower parallel holds the outlook is neutral to bullish. A break out of the channel and below the last pivot (10492) off the lower parallel would be reason to flip the bias bearish, with the ~10440 as the first targeted level.
USD/JPY 4-hr Chart (channel remains key guide)
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---Written by Paul Robinson, Market Analyst
You can follow Paul on Twitter at @PaulRobinsonFX
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.