USD/JPY Analysis: Trades in descending channel
|During previous trading session the currency exchange rate expectedly approached and made a rebound from the upper-boundary of the current descending channel. As a result, now the pair is expected to continue moving to the bottom. This direction is also supported by the fact that the 55- and 100-hour SMAs are located above the current market price. Nevertheless, deprecation of the Yen might be hampered if bears fail to push the pair through the monthly PP at 113.25. In addition to that, there is a need to take into account existence of a junior ascending channel that formed as a part of the larger pattern and might also obstruct the further plunge. Finally, some volatility in the markets might also be caused by a speech that will be delivered by BOJ Governor Kuroda at the University of Zurich.
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