Here’s 👉 an UPDATE on the 4HR chart time-frame of the #USDJPY.
We can see price carved a potential bullish rising channel right from the Lower-low of early march 2020 on the 4hr chart.
Price is currently in a phase of consolidation @110209 support level (S6) while the next resistance level (R1) lies @112.212.
Take note price is still holding up at last swing high-low, although we can figure out series of bearish pressure at each high wick of each swings of the candles.
Right now the trend is currently in a state of short equilibrium.
A successful daily close by the bears below support key-level (S6) @110.209 which is a confluence zone of intersection phase between our horizontal and dynamic support line will signal strength of the bears to gather more momentum which may make price rotation to retest previous support key-level @107.987.
This may trigger bears interest which may re-expose next support key-level (S5) @106.671.
The bulls are not giving up yet and if the bulls successfully have a daily defend of the support key-level (S6) @110.209 which signal bullish activeness to pull price upward to breakout next active resistance key-level which acts @112.212.
Remember in a rising bullish channel, price technically have a bearish implication.
Also take note a daily close of the bulls above resistance key-level @112.212 will act as a breakout for daily bearish channel which had an extension from December year 2016.
For the fact price is approaching a strong potential dynamic resistance trend-line on the daily chart frame, I would be interested to have a close watch on this currency pair.
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