USD/JPY is heading towards the resistance line of a Channel Up 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. Supported by Upward sloping Moving Average
Chart 1 hour
Pattern Channel Up
Length 39 Candles
Identified 21-Aug-2022 22:00 UTC