The ascending channel of USDJPY is clear without saying, on the other hand on July 15th the price created a descending micro channel throughout forming the last bearish leg which was broken above and a pullback is expected to the top line of the micro channel. Although on ichimoku the conversion line has broken below the base line, the ichimoku cloud is right below the bottom line of the ascending channel that is why the area is considered as a major support zone. The RSI has broken out of its descending trend and is issuing a bullish signal. The MACD line is about to break the signal line and the MACD bars has already turned to light red. All the above analysis show a bullish signal and the best entry is when the pullback is completed.

• There is resistance at 138.160, followed by resistance at 138.240 and 138.370.
• There is support at 137.940. Below, there is 137.820 and 137.730.

Note: We do not suggest any investment advice, and these analyses are just to increase the traders’ awareness but not a certain instruacdtion for trading.

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