FX.co ★ remington.kihn | USD/JPY

Hello traders, On the USDJPY currency pair, today the downward movement paused just shy of the support level at 145.815, and then buyers managed to break out of the descending channel. Now, I expect the price to approach the nearest strong resistance level at 147.15 and test it. If the bulls succeed in breaking above this level, then the corrective movement will strengthen, opening the way for buyers towards 147.55 and 147.80. However, if the test proves to be false, I will consider selling with the target of returning the price back to 145.815, and further down to 144.250. Nevertheless, it's important to remember that despite the corrective movement and the breakout from the descending channel, the price is still within a downtrend. Therefore, I personally prioritize selling. I currently lack confidence that the bulls will be able to break above 147.15.