💱 USDJPY - Consolidation after rally. Preparing for a breakout
The USDJPY is declining again after retesting resistance at 139.65. The dollar is losing its grip on the news and is pulling the currency pair with it.
Earlier the upward price channel was broken.
TA on the high timeframe:
1) A correction from 140.725 is forming
2) Price forms a range between resistance 140.7 and support 137.5. There is a possibility that a counter-trend correction could go down to the lower boundary.
TA on the low timeframe:
1) Price is forming a consolidation in the red zone after a false breakdown of 139.65. The price is getting ready to fall.
2) The breakdown of the uptrend is confirmed and the currency pair begins to form a downward range
3) Consolidation in the red zone, below the 139.65 level, will form an entry point for sales
Key resistance: 139.65
Key support: 138.7
Earlier the upward price channel was broken.
TA on the high timeframe:
1) A correction from 140.725 is forming
2) Price forms a range between resistance 140.7 and support 137.5. There is a possibility that a counter-trend correction could go down to the lower boundary.
TA on the low timeframe:
1) Price is forming a consolidation in the red zone after a false breakdown of 139.65. The price is getting ready to fall.
2) The breakdown of the uptrend is confirmed and the currency pair begins to form a downward range
3) Consolidation in the red zone, below the 139.65 level, will form an entry point for sales
Key resistance: 139.65
Key support: 138.7
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