On the USDJPY daily chart, we can see that the pair is testing the falling trend line of the downside medium-term Pitchfork channel marked by 112-112.500 zone. Only the daily close above this zone would lead to an upside extension. Rejection here and a break below 111.800 could lead to downside extension. The pair is now testing the key zone for future direction.
Happy trading! (click on the chart to enlarge it)
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