USD/JPY Channel Bounce Possible on Both Sides
|The USD/JPY has formed an ascending channel and we could see rejections from both sides. Today is NFP and the price will be volatile.
The price is trying to bounce off 108.45 – Monthly L4 camarilla support. If we see a continuation to he upside then pay attention to 109.15. Above 109.15, 109.70 and 110.00 are targets. We should see an intital drop from there. Above 110.00, next is 110.47. If the price drops below 108.40 then watch for 108.00 and 107.50 zones. Due to low ATR in last 5 days – 53 pips, projected high is 109.13, while projected low is 108.25. Only a surprise from NFP will make the ATR overshoots towards the targets.
The analysis has been done with the CAMMACD.MTF template.
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