USD/JPY Analysis: Breaches junior channel
|Contrary to expectations, the Greenback failed to reach the weekly S1 at 110.48. This downward momentum was disrupted by a momentum upwards of intermediate strength which occurred mid-session. Thus, a junior channel down which was formed on Thursday was breached, allowing the Greenback to edge higher. Pressured by the 55-hour SMA, the given currency halted near the monthly PP and had returned near the upper boundary of the junior channel by Tuesday morning. In case data on CB Consumer Confidence from the United States does not bring major surprises, it is likely that the rate enters a consolidation phase, remaining between the 55-hour SMA and the weekly S1.
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