Technical analysis of USD/JPY 12/06/2019
The USD/JPY currency pair on the 1D timeframe is moving in the upward channel, where it found resistance at 109.70, after which it has corrected down to the middle of the channel and is currently consolidating around 108.70.
A slight discrepancy in the RSI indicator suggests that the correction will continue to the lower boundary of the upward channel, which coincides with the MA100 at around 108.00. After that, the pair will resume the development of the upward movement and the formation of an inverted figure “head and shoulders” with a target in the region of annual maximums 112.00 -112.50.
Cancellation of the pair growth option after correction will be a decrease below the area of 107.00, which will indicate a breakdown of the lower boundary of the ascending channel, (MA 100), and may mean a possible change in trend with the prospect of a decrease to a key annual minimum of 105.00 – 104.50.
Created by Joshua Hayn