The USD/JPY reached a five-month high last Wednesday going beyond the ¥106 level, boosted by better-than-expected data in the US Retail Sales. As you can see on our chart, the price rejected the upper channel line twice, having a chance to go for a third attempt and make a new top. However, for this week we expect the price to retest and maybe break the bottom channel line, our first target being around the ¥104 support area. Trade with care.
Best regards, Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.