USDJPY broke above the channel resistance and is now facing 111.57 key resistance. A break of this level will indicate that the downtrend from 115.50 had completed at 110.11 already, then the following upward movement could bring price back to 113.50 zone. On the downside, as long as 111.57 resistance holds, the rise from 110.11 would possibly be consolidation of the downtrend and further fall to 109.00 area is still possible after the consolidation.

usdjpy 4-hours chart

Source: http://www.forexcycle.com/short-term-forex-analysis/109978-usdjpy-daily-analysis-march-29-2017.html

One thought on “USDJPY broke above the channel resistance”

  1. Teboho Faro says:

    Great setup man

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