|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
Chart of the pair USD/JPY - Timeframe 1H
USD/JPY Live Chart - Timeframe : 4h