Trade Japanese Yen Reacting to the Iranian Crisis

We see that over the previous trading week, the market quickly declined to the lower bound of the yellow channel. After that, the price pushed off from this wall and the market began to move up.

It is possible that now the bulls have taken control of the price behavior, and they can now push the price to the upper bound of the yellow channel and the resistance level of 110.38. The path to this level will open in the event of a break of the resistance price of 108.84, which forms the moving average.

If we consider a possible alternative scenario, we can assume that if the bulls do not have enough potential to push the price up, then we will see a slight decline to the support level of 107.86. This level is on the lower bound of the yellow channel.