USDJPY is breaking above the long-term downtrend Pitchfork channel
The Weekly USDJPY chart shows that the pair has broken above Andrew’s Pitchfork downtrend channel dating back from 2017. This break above 108 could lead to an extension higher into 120 if the 108 support holds. A confirmed break above 111 is required for the upside continuation to indicated levels within the newly formed uptrend Pitchfork channel.
On a Daily chart, we can see a new uptrend Schiff Pitchfork channel formed and we can see that the instrument price action is bouncing from the channel support 109.500 which should hold for the upside extension to Median line 112 again. A break below the 110 will lead to a pullback reversal and 108.300 test. You can try the long trade entry with the stop loss below 109.400. If the trade will be stopped reverse to short.
We have used the combination of the top-down trading analysis to get these key levels explained in the charts. To learn more about Andrews’s Pitchfork tool trading strategy register for education.
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