USD/JPY is switching channels!
After breaking below an ascending channel support, USD/JPY looks committed to staying inside a descending channel on the 4-hour time frame.
If that’s not enough to get you making trading plans, you should also note that the 100 SMA can cross below the 200 SMA in the next trading sessions.
Will the dollar extend its downswing against the yen? Bears who are confident in the mid-channel resistance can short at current levels while aiming for new July lows.
The more conservative anti-dollar traders can also wait for a move up to the channel resistance closer to the SMAs before shorting USD/JPY.
After breaking below an ascending channel support, USD/JPY looks committed to staying inside a descending channel on the 4-hour time frame.
If that’s not enough to get you making trading plans, you should also note that the 100 SMA can cross below the 200 SMA in the next trading sessions.
Will the dollar extend its downswing against the yen? Bears who are confident in the mid-channel resistance can short at current levels while aiming for new July lows.
The more conservative anti-dollar traders can also wait for a move up to the channel resistance closer to the SMAs before shorting USD/JPY.