USDJPY: Important Decision Ahead! Your Plan: 🇺🇸🇯🇵

Short

U.S. Dollar / Japanese Yen (OANDA:USDJPY)

OANDA:USDJPY U.S. Dollar / Japanese Yen

Trend Analysis Chart Patterns Support and Resistance USDJPY DJ FXCM Index yen USD japaneseyen

trendanalysis chartpattern supportandresistance usdjpy usdollar yen usd japaneseyen

snapshot

USDJPY is approaching a year's high.

From a current perspective I see two potential scenarios:

1 - Bearish:
Because the underlined red structure is considered to be a key daily/weekly level,
a strong bearish swing may initiate from that.
To catch it, wait for a bearish breakout of a rising parallel channel.
It will be a trigger for a bearish continuation.

Next support will be 108.6
2 - Bullish:
The market is trading in a long-term bullish trend.
In case if the price breaks and closes above the underlined area,
we will expect a bullish continuation to the next pivot.

Next resistance will be 111.7

Wait for a trigger and then follow the plan.

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