USD/JPY: 1-hour
First up, here’s a quick update on the USD/JPY 1-hour forex chart I showed y’all yesterday. As expected, the pair bounced off the bottom of the rising channel around the 115.50 minor psychological support and is now headed for the top once more. With stochastic indicating overbought conditions, the channel resistance near the 117.00 major psychological level might hold as a ceiling and push price back to the bottom of the range. If countertrend setups ain’t your thing, you could sit tight and wait for another test of the channel support to jump in the uptrend. If you think an upside breakout is likely, better have those long orders ready around 117.50!
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