USDJPY is forming a correction. A downward price channel is forming. At the moment, the price is held back by support 139.657. A pattern is forming around this level, which might give us a bearish impulse
TA on the high timeframe:
1) Price forms a range of 140.7 - 137.5
2) The retest of the resistance does not allow the price to renew the maximums and the pair is likely to go down.
3) The key area that the price can move towards is 138.6
TA on the low timeframe:
1) A downward price channel is forming
2) A triangle is forming on the 30 minute timeframe, with support 139.65 as the base.
3) If the sellers apply strong pressure, the market will be able to break the support and send the price to 138.7
4) Support will be tested again in the near future, if the level is broken, prepare to wait for a downward impulse.
Key resistance: 139.9
Key support: 139.65
TA on the high timeframe:
1) Price forms a range of 140.7 - 137.5
2) The retest of the resistance does not allow the price to renew the maximums and the pair is likely to go down.
3) The key area that the price can move towards is 138.6
TA on the low timeframe:
1) A downward price channel is forming
2) A triangle is forming on the 30 minute timeframe, with support 139.65 as the base.
3) If the sellers apply strong pressure, the market will be able to break the support and send the price to 138.7
4) Support will be tested again in the near future, if the level is broken, prepare to wait for a downward impulse.
Key resistance: 139.9
Key support: 139.65
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