FX.co ★ USDJPY remains inside bullish channel

USDJPY after reaching our 106 target has made a reversal to 105.24. Despite this pull back price remains inside the bullish channel that continues to make higher highs and higher lows since January.

Channel support and lower boundary is found at 105. This could be used as stop for any potential long positions. Breaking below this level will increase chances of a break below the recent important low at 104.40. As long as price respects the boundaries of the channel, we should expect more upside to come.