? USD/JPY Bounces in Uptrend Channel and Challenges 110 Resistance ?
May 15, 2018
2 min read
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Hi traders,
the USD/JPY bounced at the key support trend line (blue) of the bullish channel and price is now retesting the resistance trend line (red) from the previous top.
USD/JPY
4 hour
A bullish breakout could indicate the continuation of the bullish channel towards 111.50 which is where the 50% Fib is located.
1 hour
The USD/JPY broke above the resistance trend line (dotted red) for a bullish breakout. Price will now test the previous top which is a new bounce or break spot. Sideways price action could indicate a continuation chart pattern.
Good trading,
Chris Svorcik
Elite CurrenSea
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