The USDJPY: downside correction was held back by 122.25 support
Bears have pushed the price into the range of 122.25 support for the second time in the last two weeks. The price approached the barrier at low volumes, which indicates weakening of the downside correction.
Trading is currently carried out within the short-term descending channel (dashed lines). As long as the channel remains intact, correction down will continue.
Correction down will continue if price breaks and holds below the key support at 122.25. Potential correction target is situated at 121.50.
The breakout of the descending channel’s upper border at 122.75 will allow bulls to reverse the downside correction up. Medium-term bullish trend will recommence. The main growth targets will be found at 123.25, 123.60.
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