USDJPY was identified at around 147.209 having recently rebounded of the support on the 1 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 148.7181 level.
A Channel Down has formed, USDJPY is approaching support. Can we expect a breakout and the start of a new trend or a reversal?
