USD/JPY: 1-hour
First up, here’s an update on the USD/JPY descending channel I showed y’all last week. Support at the bottom of the channel near the 121.50 minor psychological level held like a boss and the pair looks ready to make its way back up to the top. Stochastic is already exiting the oversold region, suggesting that dollar bulls might charge and lead to a test of the channel resistance near the 123.50 minor psychological mark. However, the short-term 100 SMA is still moving below the 200 SMA, which means that bearish pressure remains strong. If sellers stay in control, the pair coul resume its drop upon filling the weekend gap near the mid-channel area of interest and 100 SMA resistance.
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