USDJPY: Reached the top of the Channel. Rejection possible.
The USDJPY pair has reached the top of the Channel Down after a a rebound two weeks ago near both its bottom and Support 1. The 1D technicals remain bearish (RSI = 43.265, MACD = -1.260, ADX = 20.176) prompting to a continuation of this downward trend.
The short-term target is Support 1, with a break below it capable of inflicting an extension as low as the bottom of the Channel Down. In the same way, a break above the Channel Down is technically capable of testing the 134.475 - 134.750 Resistance Zone where a Double Top wa previously formed, or at least the 1D MA50, which has been unbroken since November 10th.
The RSI's Rectangle can be a guide for buying/ selling inside the Channel Down.
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The short-term target is Support 1, with a break below it capable of inflicting an extension as low as the bottom of the Channel Down. In the same way, a break above the Channel Down is technically capable of testing the 134.475 - 134.750 Resistance Zone where a Double Top wa previously formed, or at least the 1D MA50, which has been unbroken since November 10th.
The RSI's Rectangle can be a guide for buying/ selling inside the Channel Down.
## If you like our free content follow our profile to get more daily ideas. ##
## Comments and likes are greatly appreciated. ##
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Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial