$USDJPY - Will it Re-enter into Downward Channel

25 de fev. de 2017

USDJPY Folks, with Friday's close at $112.11, the price action is at a tipping point of either retreating into the downward trend channel or a reversal may be in the works. Notice the failure to follow through at $113.77 level setting in motion it's retreat. An over-lapping rising trend channel has emerged due last week's price action, connecting February's lows of $111.24 to Friday's close at $112.11, and setting the bottom range of this channel. Next week, the algorithms will decide on whether to reverse pricing action upwards towards the middle area of the overlapping channel range, targeting $113.88, or retreat back into the downward channel area. Take out the popcorn bowl.