|USD/JPY : Bullish channel|
|Since the beginning of June, following the exif of its falling wedge, the Yen is into a bearish trend against the US Dollar. We see that the is moving into a bullish channel in a 4h timeframe. Yesterday, the pair took support on the lower band of its channel, let us thinking to a new bullish wave. Since the formation of the channel, bullish waves have an average amplitude of 175 pips between the lower and the upper band. So, a test of the major resistance at 80.58 is expected next week.First of all, we could expect a test of the resistance at 79.76 and 80 in extension. On a 1h timeframe, this scenario is reinforced by the recent breakout of the bearish slant.|
This bullish scenario will be invalidated by the breakout of the major support at 79.22, which will indicate also an exit of the bullish channel. A sell signal will be then given. A test of 78.65 should follow.
Update 02/07 - Our first objective at 80 has been reached last friday. Our bullish scenario is still up to date and we now expect a bullish movement in trend towards the resistance at 80.58.
|Complete sheet of the pair USD/JPY - Previous USD/JPY Analysis|
Chart of the pair USD/JPY - Timeframe 4H - Zoom in :
Chart of the pair USD/JPY - Timeframe 1H
USD/JPY Live Chart - Timeframe : 4h