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USD/JPY Channel Breakdown (October 1, 2013)
USD/JPY has been trading inside a rising channel for quite some time but the range broke earlier this week. This suggests that a downtrend might be in the works, possibly after a quick retest of the broken support.
On the 4-hour time frame, stochastic is still climbing, which suggests that dollar bulls or yen bears are still in control for now. The broken channel bottom is around the 99.00 major psychological level, which could act as resistance from now on.
Bear in mind that the U.S. economy is currently facing a potential government shutdown, as lawmakers are unable to reach a deal on their debt ceiling plan. Further conflict could weigh on the dollar, as a government shutdown has negative effects on growth and overall economic performance.
By Kate Curtis from Trader's Way
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