Bulls Attack USDJPY Despite Global Uncertainty

The market continues to move inside two channels at the same time. The price is gradually clamped between the green and yellow bounds. Sooner or later there will be a break of the upper yellow or lower green wall.

If we see a break of the yellow bound and the resistance level of 110.06, the way to the upper bound of the green channel and the next resistance of 111.51 may open for the bulls, in this case, we can expect a strong bullish trend.

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However, if the bulls fail to break through the upper yellow bound, we expect a decline to the lower green wall and the support level of 108.99. If the level is broken below the decline may continue to the level of 108.09, as indicated on the chart.