USDJPY - Rising Channels, Pullbacks, Double Tops & BOJ News

Today we're looking at a potential bearish trading opportunity on the USDJPY.

After a long bullish rally, followed by a lengthy period of consolidation in the form of a rising channel. The &USDJPY has violated the pattern to the downside & with the recent pullback, is giving us an opportunity to jump on the next potential move down.

As we venture down to the hourly chart, we may have a potential double top to open our week which would be an excellent entry reason for getting involved.

On the fundamental side of things, later this week the Bank of Japan will make an interest rate decision & word on the street is that they are considering a hike. How a lot will depend on what happens after President Donald Trump takes over, but if an interest rate hike from the BOJ were to happen it "should" mean Yen strength and confirmation for our bearish prediction.

If you have any questions or comments please leave them below. And I hope you guys have an excellent week of trading.

Akil