The market is gradually moving towards the upper bound of the yellow channel and the resistance level of 110.23. Most likely, in the next trading days, the bulls will continue to move in an upward direction. This is evidenced by the fact that the price went well above the moving average, so the market may have a great potential to continue growth. However, if the moving average breaks below around the level of 108.11, the market may continue to move down to the lower yellow wall and the support level of 105.29. The approximate scheme of possible future movement is indicated on the chart.SimpleFX USDJPY Chart Analysis: October 16, 2019
The market is gradually moving towards the upper bound of the yellow channel and the resistance level of 110.23. Most likely, in the next trading days, the bulls will continue to move in an upward direction. This is evidenced by the fact that the price went well above the moving average, so the market may have a great potential to continue growth. However, if the moving average breaks below around the level of 108.11, the market may continue to move down to the lower yellow wall and the support level of 105.29. The approximate scheme of possible future movement is indicated on the chart.
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