USD/JPY has
been moving in a clearly defined trend channel during its move to the downside
from 118.606 to the low at 112.569.
The limit
of the RSI divergence on the 1H time frame for this pair was at 113.883.
USD/JPY, however, managed to climb with over 100 pips more, reaching 114.971,
i.e. reaching the resistance line of said trend channel and for now it is
consolidating close to it, likely to test it.
If the pair
breaks above the trend line and continues moving to the upside the next
possible resistance it could test is at 115.50.
In case it
cannot break above the trendline I think it will renew its move to the downside.
Thanks for such an informative analysis.
ReplyDeleteGood insight.
ReplyDeleteThe move to the upside continues.
ReplyDeleteGreat analysis as usual!
ReplyDeleteNice downward channel.
ReplyDeleteGreat take on markets!
ReplyDeleteGood post!
ReplyDelete