RLinda ! USDJPY-> Retest of the resistance zone. What to expect?

23 янв. 2023 г.

USDJPY is strengthening. From the level of 127.45 the price is recovering to the resistance of the price channel. What to expect from the price?

Since we have a strong downtrend, the priority is to wait for the price to fall from the resistance area, hence, in our case the trigger points will be the level of 131.25 and the descending channel resistance. A test of that area may be a touch or a false-break, in either case we should wait for the price consolidation below the resistance area.

I assume that the price can fall from the downtrend resistance area to a strong support. My target is the level of 127.45.

Regards R.Linda!