4 hour
The USD/JPY is approaching a 38.2% Fibonacci support level and potential bounce spot.
A failure for price to break above resistance could still indicate an extension of the bearish correction towards lower Fibonacci levels like the 50% Fib.
1 hour
The USD/JPY is testing the support trend line (green) which could cause price to bounce back to the top of the channel resistance (red). Price seems to be building a falling wedge chart pattern as well, which is another factor that could create a bullish response.
Origin: Admiral Markets
