Red lines- bearish channel
In previous posts we talked about the upside potential for USDJPY in order to complete its wave 4 bounce. Price has reached our bounce target area and is now getting rejected at the upper channel boundary. The upper channel boundary provides resistance around 137.80-138. Price is showing rejection signs at this price level. This confirms the importance of the resistance there. Our most probable scenario is for USDJPY to start it's final wave down towards 129. This scenario gets cancelled only with a break above 145.40.
