GJ Potential To Drop

We can see the main trend is bearish and after a significant drop, price has started to retrace in the form of an ascending parallel channel in 1H time frame.

Currently, price is bouncing in the 1H parallel channel and doesn’t face enough downside push.

We should wait for the downside breakout on the channel and if price closed a bearish candle below this pattern, we can expect a drop on GJ towards the next support level around 160.980 (161.00)

Note: JPY is generally strong this week.