USDJPY has been travelling in a (BLUE) descending channel and has also been following and testing a (BLACK) descending trend line multiple times inside of the channel. Price on the daily chart made a sharp move upwards yesterday breaking above the previous resistance zone (now support) and also the black trend line. Depending on the closure of today's candle we will be seeing a move upwards to the top of the channel.
Price has also tested the 0.618 retracement zone on the downwards dip and shot upwards which suggests a change in trend
Our target is shown above at the next resistance zone which evidently lines up with the top of the channel perfectly.
Price has also tested the 0.618 retracement zone on the downwards dip and shot upwards which suggests a change in trend
Our target is shown above at the next resistance zone which evidently lines up with the top of the channel perfectly.
Trade closed: stop reached:
STOP LOSS HIT