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Currency analyst

USD/JPY: bulls have strong enemies

USD/JPY failed to take out the upper border of the bearish channel for the second time in 2 weeks. The nearest support is at 105.62. If the bulls find strength to test resistance at 107.5, the risks of the pair moving north to 108.8 (target at 78.6% according to Gartley).

If USD/JPY manages to rise above the high, set during the Asian trading session on July 25 (106.75), it will activate the "Bat" pattern target at 88.6%). The move below support at 105.6 with the following recoil will create room for the formation of the widening wedge.  

 

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