The USDJPY pair fell from its minor resistance level which we mentioned in our analysis over the past two days. The price action is trading within the downward channel (shown in pink lines) on a 30 minute time frame, and it has already broken out of its upward channel (shown in yellow lines).
The RSI is showing some mixed signals and this is because, if we consider the solid orange line and compare this to the price action, we will see that, this is trading in line with the price action. So, we could have a bias towards the down side. However the dashed line shown in orange colour tracks the most recent price action, which is giving the deflection signal- so we could have a bias towards the upside.
Most importantly, if the price does break the upper line of the downward channel (shown in pink lines) then the price could easily move towards the minor resistance level otherwise, the bias could still be towards the downside.
- 92.42-92.61 Major
- 93.02-92.89 Minor
- 93.49-93.33 Minor
- 96.13-95.91 Major
- 95.43-95.26 Minor
- 94.94-94.75 Minor