USDJPY 1D
The trend of the market daily is a downtrend.
Price had tested the major channel support level which coincides with the false breakout that happened previously.
Currently, the market is at a cluster of resistance within the channel which was previously supported for the price.
We’re likely to see price reject or turn away from this current level of resistance or break it, retest the major resistance level, and head to the downside.
USDJPY
Technical analysis**:
Trend: -1
Trend power: -3
Overbought/Oversold: absent
Preferable trade direction: sell
Sell near 105,20 with a stop loss above 105,60 and a take profit near 104,30.
Sell near 106,00 with a stop loss above 106,50 and a take profit near 105,30.
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