Blue lines- bullish channel
USDJPY is trading around 134.08. Short-term trend remains bullish as price continues to trade inside the upward sloping blue channel. Price recently tested the lower channel boundary and thus far support remains intact. Price is now bouncing off the channel support. We mentioned this again in our previous posts on USDJPY, as long as price holds inside the channel, we expect price to move towards 137. Support at 133.50 is key for the near term. Bulls do not want to see price break below this level.
