USDJPY: Excellent buy opportunity.

12 mar

USDJPY is bearish on its 1D technical outlook (RSI = 41.212, MACD = -0.110, ADX = 47.052) but not only is the price making a rebound on the 1D MA200 but the 1D RSI is also staging a rebound from nearly oversold levels, much like it did on July 13th 2023. All this price action is taking place inside a long term Channel Up pattern, so this is a buy opportunity with significant upside potential. Our target is the top of the Channel (TP = 160.00).

See how our prior idea has worked out:

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