USDJPY grow to resistance and return to channel
Since this spring, the price has been moving in a downward trend.
However, within this large channel in October, another downtrend channel was formed.
It was formed by local lines of resistance and support.
In December, the channel dropped to the support zone (it was formed by the collapse of prices in November during the presidential elections in the United States).
Today the price left the zone, breaking through its upper line.
The price has consolidated in the support zone.
Now I expect the following movement from the pair:
1 - through a series of corrections, the price will rise to the resistance line (upper channel line) 104.07.
2 - the price will break this line and touch the resistance at 104.35.
3 - the price will fall back to the support area.
Target - 103.30.
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However, within this large channel in October, another downtrend channel was formed.
It was formed by local lines of resistance and support.
In December, the channel dropped to the support zone (it was formed by the collapse of prices in November during the presidential elections in the United States).
Today the price left the zone, breaking through its upper line.
The price has consolidated in the support zone.
Now I expect the following movement from the pair:
1 - through a series of corrections, the price will rise to the resistance line (upper channel line) 104.07.
2 - the price will break this line and touch the resistance at 104.35.
3 - the price will fall back to the support area.
Target - 103.30.
-------------------
Share your opinion in the comments and support the idea with likes.
Thank you for your support!
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