USDJPY was identified at around 146.8725 having recently rebounded of the resistance on the 4 hour data interval. Ultimately, the price action of the stock has formed a Channel Down pattern. This squeeze may increases the chances of a strong breakout. The projected movement will potentially take the price to around the 145.5789 level.
Because USDJPY formed a Channel Down pattern, we expect it to touch the support line. If it breaks through support it may move much lower
