USDJPY break out channel and pin bar pattern forming
According to USDJPY's four-week chart, March 23, the depreciated bullish rally from the resistance range of 113.70-113.00 was stopped at 105.00 after the Rand rate of 105.00 and the minor support record of 104.64 , So we saw the US dollar's depreciation of the Japanese yen to the correctional phase and the medium-term bullish channel. Equilibrium in the upward moves after some time fluctuating below the canal roof defeated 50% Fibonacci retracement and reached the Rand rate of 110.00. But Rand's rate managed to keep his position twice as strong as resistance and return USDJPY to the channel every time.
On April 14th, the after-exchange rate fluctuated around the channel floor between the mid-range levels of 109.50 and the correction of 50%, supported by an average of 109.50. The US Dollar converted to the Japanese Yen again with upward moves, so that the Rand dropped 110.00, and upgraded 61.8% Fibonacci retracement to near the mid-range of 111.55. However, this mid-term rate prevented further upswing, which resulted in USDJPY returning to the channel's bottom. On Wednesday, the parity rate could break this price point and fall to the 50% correction range.
Today, the USDJPY currency pair has started its trading day with a 50% correction, rising above the mid-range of 109.50 and has returned to the mid-range with the Kundel Pill. The response to the downtrend pins can bring the parity rate to 50% and the Rand rate of 109.00. Given that during the last month the price movements of the currency pair were limited three times by the region of 109.50-109.00, it is likely that there will be a possibility of restraining the downside of the market. On the upside, in the event of a downtrend pixel failure, the pair could revert to resistance at 110.00, 61.8% retracement and 110.50. Against the breakdown of 109.50-109.99, the currency could weaken the pair to 108-50 and 108.00.
On April 14th, the after-exchange rate fluctuated around the channel floor between the mid-range levels of 109.50 and the correction of 50%, supported by an average of 109.50. The US Dollar converted to the Japanese Yen again with upward moves, so that the Rand dropped 110.00, and upgraded 61.8% Fibonacci retracement to near the mid-range of 111.55. However, this mid-term rate prevented further upswing, which resulted in USDJPY returning to the channel's bottom. On Wednesday, the parity rate could break this price point and fall to the 50% correction range.
Today, the USDJPY currency pair has started its trading day with a 50% correction, rising above the mid-range of 109.50 and has returned to the mid-range with the Kundel Pill. The response to the downtrend pins can bring the parity rate to 50% and the Rand rate of 109.00. Given that during the last month the price movements of the currency pair were limited three times by the region of 109.50-109.00, it is likely that there will be a possibility of restraining the downside of the market. On the upside, in the event of a downtrend pixel failure, the pair could revert to resistance at 110.00, 61.8% retracement and 110.50. Against the breakdown of 109.50-109.99, the currency could weaken the pair to 108-50 and 108.00.
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