Sell on USDJPY after Breakout from Channel

OANDA:USDJPY   U.S. Dollar / Japanese Yen
Hello fellow traders. Let’s have a pips-full week together. Our first analysis of the week is for the USDJPY. As we can see the support and resistance lines are taken from D1. The ascending channel is from H1. After the USDJPY broke the channel, the pair also broke support. Former support is now our new resistance. After breaking the resistance line, the pair did a retest of resistance and then started falling. Per our analysis the pair will continue its down-trend untill it reaches support.

If you decided to short the USDJPY, place your TP just above support.

I welcome your feedback. Please use safe money management and always keep a SL. Thanks.


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