Technical analysis of USD/JPY 08/27/2019
After a short-term upward correction to the level of 107.00 (23.6% Fibo), USD/JPY currency pair updated its min, finding the support at the level of 104.50, what coincides with the lower border of the downward channel on the 1D timeframe. After that, the pair began to correct upwards again. At this point, the price is consolidating in 106.00-106.50 (23.6% Fibo).
There is reason to believe that the upward correction will continue to the level of 107.50 (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 104.50.
Cancellation of the fall of USD/JPY currency pair after correction will be a strong growth above the area of 109.40, 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