USDJPY: Reached the top of the Channel. Rejection possible.

The USDJPY pair has reached the top of the Channel Down after a a rebound two weeks ago near both its bottom and Support 1. The 1D technicals remain bearish (RSI = 43.265, MACD = -1.260, ADX = 20.176) prompting to a continuation of this downward trend.

The short-term target is Support 1, with a break below it capable of inflicting an extension as low as the bottom of the Channel Down. In the same way, a break above the Channel Down is technically capable of testing the 134.475 - 134.750 Resistance Zone where a Double Top wa previously formed, or at least the 1D MA50, which has been unbroken since November 10th.

The RSI's Rectangle can be a guide for buying/ selling inside the Channel Down.



## If you like our free content follow our profile to get more daily ideas. ##

## Comments and likes are greatly appreciated. ##