USDJPY ! False breakdown and return to the channel. Going up?🧐

Aug 8, 2022

The USDJPY forms a false-break of the support of the global 131.500 range, after which a return of the price into the price channel and an upward impulse is formed, which breaks the 134.48 level.

On the chart we see a channel, price testing the trend support and after the false breakdown a rise which takes the price into the long zone. I expect a consolidation before a further rise.

I suppose we might see an increase, but before that happens, the price has to consolidate above the support 134.48. The short-term target is the resistance at 136.7

Regards R. Linda!