The USDJPY has rebounded from the upper border of the descending channel at 123.70
| Direction | Period | Expected price movement | Price movement corridor |
|---|---|---|---|
| ↓↑ | 1 day | ≈ 130 pips | Max. 124.35
Min. 121.90 |
Upside correction from 121.90 support has met resistance at the upper border of the descending channel – 123.70. The test of this barrier was followed by the rebound down at high volume.
In a short run we expect another growth into the descending channel’s upper border at 123.60. The test of this mark will most likely trigger consolidation, followed by the rebound down.
Potential decline targets are situated at 122.45, 121.90 supports.
Alternative scenario: the downtrend will turn up if price breaks and holds above 123.80 resistance.
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The USDJPY has rebounded from the upper border of the descending channel at 123.70
| Direction | Period | Expected price movement | Price movement corridor |
|---|---|---|---|
| ↓↑ | 1 day | ≈ 130 pips | Max. 124.35
Min. 121.90 |
Upside correction from 121.90 support has met resistance at the upper border of the descending channel – 123.70. The test of this barrier was followed by the rebound down at high volume.
In a short run we expect another growth into the descending channel’s upper border at 123.60. The test of this mark will most likely trigger consolidation, followed by the rebound down.
Potential decline targets are situated at 122.45, 121.90 supports.
Alternative scenario: the downtrend will turn up if price breaks and holds above 123.80 resistance.
Dear traders, please post your comments to our forecasts and share your own opinion. Your ideas can be very helpful for the newcomers in the forex market. Thank you!