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USDJPY in a strong ascending channel, potential for further rise

Long
U.S. Dollar / Japanese Yen (FX:USDJPY)  
Tickmill Broker  
FX:USDJPY   U.S. Dollar / Japanese Yen
Trend Analysis Harmonic Patterns Chart Patterns USDJPY usdjpyshort usdjpylong usdjpyanalysis usdjpydaily usdjpybuy usdjpylongsetup usdjpysell usdjpy1hr
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trendanalysis harmonicpatterns chartpattern usdjpy usdjpyshort usdjpylong usdjpyanalysis usdjpydaily usdjpybuy usdjpylongsetup usdjpysell usdjpy1hr

USDJPY remains in a strong ascending channel and is also above our Ichimoku cloud signalling that there’s strong bullish momentum. Price could potentially drop to our first major support at 109.98 (Fibonacci retracement, Fibonacci extension, horizontal pullback support) for a bounce to at least 110.86 resistance (major 61.8% Fibonacci retracement).
RSI (89) has made a strong bullish exit signalling that there’s potential for further upside movement.
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This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
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