Short

Will USDJPY lose ground?

Updated

In the chart with weekly candles, there is an upwards blue trendline dating back to 2012. USDJPY broke it on February 13, 2018. Additionally, there is a red downward trendline and a yellow one which is short-term.

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While the long-term outlook looks very bearish, short-term we will see a rise in price of USDJPY. In the chart with 4 hours candles, USDUPY just touched the lower boundaries of the short-term (yellow) and the mid-term (red) channel. It will be hard to break through this double resistance. I expect a correction up to 108. There will be another test of the blue long-term trendline.
tradingview.com/chart/56QPe9vk/

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Here is the link to the image. Text see in the above comment.

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So, here is the right 4 hours chart. Sorry for the mismatch.

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Before moving up to the upper side of the yellow channel, USDJPY will test the lower side of the yellow and red channel again.

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The target of the acual downwards movement is 106.29. As the downtrend is strong, I expect that the price of USDJPY will reach that target. It will be important what we see next. Will it bounce and move towards the upper side of the yellow channel or will it break through that target level and crash?

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USDJPY broke the lower boundaries of both channels. In which direction will USDJPY head now?

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Another breakout of the lower borders of the two downwards channels happend right now. Is this the beginning of a crash or will USDJPY test the lower bounderies again?

luckyhelper

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