USD/JPY Outlook

USD/JPY Outlook
Resistance Level Target: 114.46
Support Levels: 110. 520, 110.107, 108.913, 108.157

Target Entry (Long): 108.913 to 108.157 (check for price signalling of reversal before entry)
Target Entry (Take Profit): 114.46

• There appears to be a horizontal channel which has formed from March 2017 up until now between 114.464 and 108.156.
  
• The price movement from March 2017 until now tends to show an overall time periods of about 1 month for pricing reversals.
  
• The price movement from July 11 2017 until now has been moving in a downward trend within the blue channel shown (the width will be similar to the previous red upward channel)
  
• The recent price action seems to be retesting the 110.52 support levels.
  
• Note The recent MA Cross and MACD signal line have not crossed over as yet and it is expected the 110.52 support level will be broken as it remains within the channel.
  
• Based on date and price action extrapolation, it is expected Aug 6 to August 11 price levels will drop to around 108.913 and 108.157 (The range for Target Entry).
  
• Those that choose to take a short position in the short term should tread with cautiously.
  
• Reminder: always manage your risks when investing.