USDJPY Two support levels to watch.

USDJPY is on a 5 day decline following the most recent top at 110.300.

Levels to watch:

- The long term pattern is a channel up that started mid September/ early October.
- That pattern has two support levels: the first one is the yellow line with 4 bounces (if we count the current one as a bounce) and the second is the higher low trend line of the pattern itself with 2 bounces.
- The RSI is approaching its 6 month support level.

Projection:

- The price bounces most likely on the first support level (since the second one also has high probabilities it might be a good idea for buyer to split their long positions) and begins a new bullish leg towards a higher high near the 110.650 resistance.



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