The currency pair resumes its uptrend channel oscillation, following its recent appreciation from as low as 136.80, since the 11th of August, 2015, to as high as 138.68.
It seems that the sellers have lately exerted strong bearish pressures in their attempts to retrace the pair to the downside without any considerable success noticed so far.
Therefore, in the scenario where the bulls exert far greater pressures they could resume leading the price toward upper zones, such as the 139.50 level.
Alternatively, in the event where a bearish channel prevails, the sellers could force the pair once again as low as 136.80.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.