Continued Ascending Channel
In the current USD/JPY chart, we are seeing a clear ascending channel pattern, with price oscillating between parallel support and resistance lines. The important point here is that price has touched the support line of the channel and could rebound towards the upper resistance line. The 34 EMA and 89 EMA are both showing a steady uptrend. A bounce from this support line could push price to higher levels within the channel.
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