USDJPY is heading towards the resistance line of a Channel Down and could reach this point within the next 12 hours. It has tested this line numerous times in the past, and this time could be no different from the past, ending in a rebound instead of a breakout. If the breakout doesn’t happen, we could see a retracement back down to current levels.
Because USDJPY formed a Channel Down pattern, we expect it to touch the resistance line. If it breaks through resistance it may move much higher
