In our previous analysis on USDJPY we warned bulls that a bearish signal was given as price broke out of the bullish channel it was since January of 2020 and the 102.60 low. Price is moving lower towards our pull back target area and previous consolidation zone.
Blue lines- bullish channel
Yellow rectangle – support and pull back target area
Our pull back target area is at 109.15-108.40. Price is now on the upper range of this area. I expect price to continue lower. In the Daily chart above I have portrayed a bigger channel starting from December of 2020 taking into consideration the recent top and the highs of December 2020. After drawing the parallel to this line we find the lower channel boundary at 108.95 which we believe will be achieved soon. Breaking below 108.95 will open the way for a move towards 108.40. If this level is broken as well, then our next target will be 107.85.
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