FX.co ★ remington.kihn | USD/JPY

Hello everyone, USD/JPY, technical analysis. The possibility of an intrachannel correction within the structure of the daily channel is limited by the channel's resistance line (trend line), from which I expect a recovery of the bearish trend and the completion of the formation of the reversal pattern "1-2-3" on the weekly chart. Only after breaking the pattern's base in the support area of 139.549, we can start talking about the bears taking over the initiative for a long time and preparing for a medium-term sale in the market. If the bulls break the channel's resistance line and close above the resistance level around 146.261, we receive a preliminary signal of breaking the daily trend with the transition from the intrachannel correction to an external one, posing a threat to breaking the daily trend. The bulls capturing the resistance at 148.200 confirms the development of the bullish scenario.