USD/JPY Technical Highlights:
- USD/JPY lower-side of channel held as support overnight
- Channel remains the key guide for shaping a trading bias
USD/JPY is rising off the lower part of the channel dating to early January, it is becoming an increasingly reliable structure as it continues to mature. As long as the lower parallel holds the outlook is neutral to bullish. A break out of the channel and below the last pivot (10492) off the lower parallel would be reason to flip the bias bearish, with the ~10440 as the first targeted level.
Recommended by Paul Robinson
Check out the Q1 USD Forecast
USD/JPY 4-hr Chart (channel remains key guide)
Resources for Forex Traders
Whether you are a new or experienced trader, we have several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, trading guides to help you improve trading performance, and one specifically for those who are new to forex.
—Written by Paul Robinson, Market Analyst
You can follow Paul on Twitter at @PaulRobinsonFX
Originally Posted on: https://www.dailyfx.com/forex/technical/home/analysis/usd-jpy/2021/02/23/USDJPY-Technical-Outlook-Remains-Tied-to-Channel-PRtech.html
By: Paul Robinson