Technical analysis of USD/JPY 12/13/2019
The USD/JPY currency pair is forming the upward movement within the channel on the 1D timeframe after correction and consolidation in the support level area at 108.50.
At the moment, the price is in the area of the last local maximum of 109.60. The price will continue to grow, forming the inverted “head and shoulders” with a key goal in the region of annual maximums 112.00 -112.50.
The cancellation of the pair’s growth option 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