Short

Japanese Yen can continue to fall and break support of channel

Hello traders, I want share with you my opinion about Japanese Yen. Looking at the chart, we can see how the price broke through the resistance level 135.15 and continued to rise. After almost reaching the 138.00 mark, Japan's Yen bounce back and formed a seller zone, which it re-tested and started a downward movement. The price formed a downward impulse, broke through the support level and, after an upward correction, continued to fall. The Japanese Yen dropped to a support area 130.25-129.80, where it ended the downward movement and began to grow. Over time, the price has created an upward channel and is trading inside. We see how the Japanese Yen, after retesting the support line of the channel, continued upward and reached the current resistance level, which coincide with the resistance line of the channel. Not so long ago, the price bounced off the resistance line and began to decline. The Japanese Yen is now trading below the resistance line and can continue to fall. I think the price can continue upward movement, but first it will make a deep correction and go down to the support line. In that case, I decided to set two targets at level 133.25 and at level 132.80, which coincide with the support line of channel. Please share this idea with your friends and click Boost 🚀

LegionQ8

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LegionQ8

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