Investroy

USD/JPY: time for a correctional move. Cool-down period

Short
FX:USDJPY   U.S. Dollar / Japanese Yen
As it can be inferred from the chart, a massive ascending channel has been formed and the price is currently testing the upper boundary of it. Just like it is written in the books, after a massive impulsive move, a correctional move should happen in order to complete the pattern. We are expecting for the price to form a nice top and drop all the way down till the 116.3 zone of previous support now turned resistance and even below.
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