USD/JPY is currently trading within a descending channel on the 1-hour time frame. Given the overall downtrend, if the pair gets rejected at the top of the channel, around the 144.75 level, we could potentially see a move lower towards the 142.20 area, resulting in a potential drop of approximately 255 pips.
Trade active
Trade is activeTrade closed: stop reached
The USD/JPY pair broke out of the descending channel and triggered the stop loss. Following this breakout, the price may continue to rise towards the top of the channel, with the next key resistance area around the 147.00 level.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.