Another currency pair that is being discussed with the US dollar. We can see that the channel we selected last month is still respected. Corrections are smaller than in other currency pairs, which indicates a weaker currency in Japan. The current correction is also dictated by the data that were released at 1.30 am European time, but the market has already started to set the direction.
The image shows where I expect a reaction to occur. Unfortunately, I am aware that this may be the last move in this trend, so I marked with a cross where the support breaks through and the channel exits. Breaking the support level will give us a signal to look for short positions.