? USD/JPY Bounces in Uptrend Channel and Challenges 110 Resistance ?

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.

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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
.