USDJPY formed 118.68 high December 2016. Then two weekly inside bars formed confined range within the range of 16th December weekly bar. Both inside bars did not make new high or low. These inside bar also know as coil bars indication price building energy/momentum for downside move.
Later on price did not break 2016 high. Descending Triangle pattern formed while each wave formed lower high and lower low. Each high is lower than previous one high indication of longer term down trend.
February 2020 price broker the channel resistance as a fake reversal for upside move. Double Top pattern formed at the end of February 2020. In June starting week again Two Bar reversal pattern formed within the Double Top pattern (pattern formed within the pattern).
Each weekly bar forming lower low and lower high. 104.20-00 strong support area. Two time price rose by hitting this support area.
USDJPY forecast. USDJPY analysis. USDJPY forex signal. USDJPY long analysis. USDJPY short analysis.
Resistance: 105.75, next level 106.15 should hold this level for sellers control in the market. Next resistance level 106.90.
Supports: 102.10, 101.30 price may consolidate to test next support level 101.20.