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๐ขForex Pair: USD/JPY
โชTechnical Analysis: Since January 2021, the price has been following a clear descending channel, many bounces on its dynamic S/R line confirmed the validity of the pattern. On the 26th of January the price got an interesting rejection on the support level at about 130.610, breaking through its descending channel and the main resistance zone at about 104.350. A strong upbar just over the resistance zone could be a clear sign of a new upcoming uptrend.
๐ดConclusion: I think the price has a good chance to grow more, but I'm confident to see a pullback on the S/R zone at 104.300 before eventually going up again. I'll be waiting for a retest on that level before planning my long position on this trade.
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