(07 AUGUST 2017)USD / JPY:Riding downtrend channel.

(07 AUGUST 2017)USD / JPY:Riding downtrend channel.

7 August 2017, 13:39
Jiming Huang


Riding downtrend channel.

(Yann Quelenn)

• USD/JPY's bearish momentum continues. Yet, 

the pair is monitoring resistance implied by the 

upper bound of the downtrend channel. Hourly 

support is given at 109.85 (04/08/2017 low). 

Stronger support is located at a distance at 

108.83 (17/04/2017 low). Expected to show 

further downside pressures. 

• We favor a long-term bearish bias. Support is 

now given at 96.57 (10/08/2013 low). A gradual 

rise towards the major resistance at 135.15 

(01/02/2002 high) seems absolutely unlikely. 

Expected to decline further support at 93.79 

(13/06/2013 low).

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