LONG USDJPY CHANNEL FORMATION STARTED!
MARKET ANALYSIS: The pair is now trading side downward channel . The price has reached the 61.8% retracement level again. If the resistance zone above the market breaks and closes. we can see a upward rally unto the channel resistance. If channel resistance is broken we will update for a new trade setup.
Alternate Scenario: If the resistance zone does not break and breaks the support level , we will wait for a pull back to retest the broken support and enter a sell trade setup. So lets wait and see what the market does in the coming days. Cheers!