WAITING FOR A BREAK OF resistance and a retest to put some long positions.
if the support level holds, more upward momentum, if it breaks, there might be a short term bear momentum.
USDJPY is on a bullish trend overall and it seems like there is a possibility of more upward momentum if certain levels hold
if the support holds, there, is A probable outcome the market will trend higher, if it breaks the supports and retest it and holds, there is a probable outcome it will trend lower.
if the resistance holds, more downward momentum will likely happen
ONCE IT BREAKS THE RESISTANCE, WE WILL SEE MORE UPWARD MOMENTUM. IF IT HOLDS, THERE WILL BE MORE DOWNWARD MOMENTUM BUT THE PROBABILITY OF THAT HAPPENING IS LOW SINCE THE MARKET IS IN AN UPTREND.
IF THAT SUPPORTS HOLD, THERE WILL BE MORE UPWARD MOMENTUM .
f the support breaks, more upward market, if the support holds, more downward market
ONCE THE CHANNEL IS BROKEN, MORE UPWARD MOMENTUM HIGH PROBABILITY TRADE
ON THE MONTHLY CHART, THE DOWNTREND ACTUALLY LOOKS LIKE A PULLBACK OF AN UPWARD TREND LOOK AT THE CHART
need a strong bull candle to break that resistance to initiate longs.