USD/JPY: detailed outlookAs it can be inferred from the chart, the price is moving between the borders of an uprising channel. After a strong bullish push last week, the price started dropping to complete its correctional move. We can clearly notice from the graph, that the price has carefully bounced off a previously broken zone of resistance turned support, which also aligns with 0.382 zone of Fibonacci retracèrent level. We are now expecting the price to keep rising till the previous Higher High. We will closely monitor the price at that level and see if the price has intentions to break the upper boundary of the uprising channel or form a double top and keep dropping further till the lower boundary.
Happy trading!
