Forex analysis: USDJPY

We look at the USDJPY Daily-chart for further forex analysis. In previous blog posts, I have already pointed out the existing trend channel and presented what can happen. I have mentioned that the course has reached the upper resistance of the trend channel. We now see that the course has managed to break the resistance on the third attempt. For me, a sign that the uptrend continues. As a Forex trader, I now wait for a correction to the trend line to open a longtrade. The downward trend within the channel is to be regarded as a correction. So there are many different trend sizes and also the movements of the downtrend result again smaller trends. We now look at the 30min chart to see the outbreak out of the channel better.

Take a look at how the resistance (trendline) could ward off the course twice. Only at the third attempt the breakthrough to the top. After such outbreaks, the price often returns to the trend line, which now acts as a support. Here I maybe open a long trade. Resistance and support zones  play a major role within my forex strategy. There will come more Forex analysis for this pair.