Technical analysis of USD/JPY 08/22/2019
USD/JPY currency pair is showing an upward correction within the downward channel, consolidating around the level of 106.80 (23.6% Fibo) on the 1D timeframe. At this point there is reason to believe the correction will continue to 107.90 (38.2% Fibo) + the upper border of the downward channel, after what the resumption of the downward trend in the channel below the level of 105.00.
Cancellation of the fall of USD/JPY pair after correction will be a strong growth above the area of 109.70, what will indicate a breakdown of the upper border of the downward channel, (61.8% Fibo) and (MA 100) on the 1D timeframe.
Created by Joshua Hayn