Will Local Bullish Trends on USDJPY Prevail?

We see a local bullish trend that moves from the lower bound of the green channel towards its upper wall. It is likely that in the near future the growth will continue to the resistance level of 110.02, this is the first milestone to which the market may reach.

However, under good circumstances, the bulls will not stop there. Therefore, the growth may continue further to the 110.42 area.

If we consider the alternative, we can conclude that there is a probability of a local decline for the price. This will happen if the bulls suddenly lose their strength and the market goes below the moving average line, breaking through the support near 109.12. In this case, the lower green wall and the 108.64 level may be reached.

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