USD/JPY: multiple confluences are lining up for a “BUY” position

As it can be inferred from the intraday timeframes, a nice ascending channel has been formed and the price has rejected the lower boundary of it. The same lower barrier nicely lines up with the area of previous resistance later turned support that is plotted on the graph.

We are expecting for the price to keep rising and reach the area of resistance that aligns with the upper barrier of the channel as illustrated on the chart.