USDJPY Now - grow to resistance, then - falling to support

٢٣ ديسمبر ٢٠٢٠

The price has been moving in a downward channel since spring 2020.
In October, another downtrend channel also emerged within this global channel.
It is important to us, since the lines of this channel have an impact on price behavior.

The last time the price fell towards the senior channel in November, during the US elections.
Then it touched the point 103.188 and returned to the lower channel during the growth.
At the end of last week, the price touched the support line (lower line of the younger channel) 103.113.
I pushed off and began to grow.
The growth comes out uneven. Lots of sudden spikes and falls.
Therefore, in my opinion, the price will continue to move in the same uneven movement.
I expect that after the price bounced off the support at 103.113, it will start to rise towards resistance.
It will break through the resistance line of the younger channel and rise to the resistance line 104.248.
Then the fall will begin.
Through corrections and pullbacks, the price will come to the support line (the lower border of the older descending channel).
The target is 101.894.

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