HomeContributorsTechnical AnalysisUSDJPY: Exiting Descending Channel

USDJPY: Exiting Descending Channel

USDJPY was trading on the bottom of the descending channel for the last couple of weeks, However, we notice an increasing selling pressure which pushing the prices to break this channel.

As shown on the weekly chart below, markets are successfully breaking the descending channel. So, if the prices did not bounce back to 106.20 levels again we would see a downtrend targeting the support area at 101.20/100.80.

ThinkMarkets
ThinkMarketshttps://www.thinkmarkets.com/
ThinkMarkets® is a leading broker offering Spread Betting and CFDs on Forex, Indices, Metals and Commodities. With headquarters in London, Melbourne and China, ThinkMarkets® core service includes competitive spreads, free access to charting tools, an award-winning in-house built platform (ThinkTrader™) and multi-lingual customer support 24/6. Derivative products are leveraged products and can result in losses that exceed initial deposits. Please ensure you fully understand the risks and take care to manage your exposure.

Featured Analysis

Learn Forex Trading