RLinda ! USDJPY-> False breakdown. Growth is expected

17 Mar 2023

USDJPY is currently living in an upward price channel. There is a retest to the support and liquidity area at 132.9. What should we expect from the price?

Since we have a false-break and quite an appropriate price reaction, which is a return to the range and formation of the retest to the uptrend channel, we should look for patterns to open long positions.
The price falsely tests the support area 132.9 and the liquidity zone. Increased volatility is formed and the price returns back to the boundaries of the uptrend channel - hence, the trend persists and there is a possibility of strengthening of the currency pair from the support zone.

I expect growth of the price from the level 132.9. Short-term target - resistance 134.00 and 135.03. Medium-term - resistance of the channel and liquidity zone 136.5 - 136.8

Regards R. Linda!

17 Mar 2023

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