USD JPY analysis from September 10, 2017 to current date is carried out on a 4 hour time frame. Analysis and commentary is provided below based on the numbers indicated on the chart.
(1) The main trendline (in color red) of the USDJPY starting from January 26, 2016 (not shown here). The only pivot for price that meets with the bearish trendline shown here is ~113.053. Price proceeding to close above the trendline could result in a rally in the USDJPY. Price close above ~113.144 implies resumption of bullish trend from ~104.588.
(2) The bullish price channel in the USDJPY that contains price swing from ~104.588 to 113.144. Price broke out of the channel on the July 26, 2018, and the meandering price action of the USDJPY as captured in a bear channel in (3) implies a possible change in the trend.
A price close above ~112.278 would see price vacate the bear channel and price high made on August 1, 2018, which could be used as an earlier entry point into a bullish move than price high of ~113.144.
Join our premium research and analysis group for more information on USD JPY analysis, forecasts, other Foreign Exchange (FX) pairs and cryptocurrencies.