USDJPY Nearing 1st Support. Rebound possible.
The USDJPY pair is approaching the 1st Support level of 125.510 (May 24th 2022 formation) after a double top rejection last Friday. Trading inside a Channel Down for almost two months, naturally on very bearish 1D technicals (RSI = 30.378, MACD = -1.840, ADX = 17.362) with the RSI almost oversold, it is expected that a technical rebound will occur.
The short-term target is the top of the Channel, with a break capable of inflicting an extension as high as the 134.750 Resistance. The RSI's Rectangle can be a guide for buying/ selling inside the Channel Down.
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The short-term target is the top of the Channel, with a break capable of inflicting an extension as high as the 134.750 Resistance. The RSI's Rectangle can be a guide for buying/ selling inside the Channel Down.
## If you like our free content follow our profile to get more daily ideas. ##
## Comments and likes are greatly appreciated. ##
## Also DONATIONS through TradingView coins help our cause of increasing the daily ideas put here for free and reach out more traders like you. ##
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