Analysis from Phoenix FXC:
USDJPY broke to the top of the bearish channel. This signals that it's officially time to start looking for buys. Now we'd like to see it bounce off of the 50 Fibonacci level that it's currently at and come down to retest the trendline it broke. This will likely be somewhere around 112.800. If it holds here, our target is 114. For entries, watch for accumulation to form.
USDJPY broke to the top of the bearish channel. This signals that it's officially time to start looking for buys. Now we'd like to see it bounce off of the 50 Fibonacci level that it's currently at and come down to retest the trendline it broke. This will likely be somewhere around 112.800. If it holds here, our target is 114. For entries, watch for accumulation to form.