We got our confirmed bounce from our article we posted on Sunday! (See Here: https://steemit.com/forex/@r3negadetrader/usdjpy-lookout-below) These channel patterns are quite strong especially on the higher timeframes.
We are still in a seller's market especially since 111.00 has not broken yet (even with a break of 111, we will need more confirmation and a retest before a confirmed buyer's market)
We ALWAYS want to have multiple scenarios, the markets can be very volatile especially with the economic conditions we are in. Retests will be key to see whether certain levels are respected or not.
That being said, note the green box that was drawn on the chart, this is a smaller supply zone. We may see a push up into this level before a move down again, however if price consolidates here then a push up is possible.
