Break of short term support & move toward long term level ???
USD/ JPY In a down ward channel. Price has challenged the 101.500 level at the end of June and also 7th July. We have a significant well held support/resistance level from over 2 years ago and more recently this level held up.
PLAN:
Looking for price to either come off the upper trend line.
Or a break of the more recent support and trade the possible retest.
Looking for price to challenge the longer term level if it does break support.
If price breaks through the top trend line then trade negated.
PLAN:
Looking for price to either come off the upper trend line.
Or a break of the more recent support and trade the possible retest.
Looking for price to challenge the longer term level if it does break support.
If price breaks through the top trend line then trade negated.