SimpleFX USDJPY Chart Analysis: October 1, 2019

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The market is rapidly moving in an uptrend within the green channel. After the rebound from the lower wall of the channel, we saw the continuation of the upward movement. Judging by the rate of ascent and the fact that the price went above the moving average line, the market is dominated by bears. Therefore, in the near future, the market may grow in the green channel to the nearest resistance level of 110.02, located at the intersection of the upper green and yellow bounds of the channels.  However, if we see a second decline to the lower green wall, and then its breakdown down around the level of 107.85, the bears will open the way to the support level of 105.13.

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