As stated in the earlier article on the USD/JPY, we saw a potential for the pair to bounce off the down trend channel. I was looking at this possibility or the flip side that is the pair going back into the channel. I know that the pair has not closed yet on the daily time frame. Right now at 9.46 am Singapore time, the pair is testing and trying to break above a downtrend line seen on the 1 hour and 4 hour time frame. I have put up the 1 hour chart below to show you how the pair is testing those levels right now and if that down trend line is broken, we can expect the price to shoot up back to the last resistance level at 79.676.
Anyway, below is the chart that shows price trying to break the down trend line on the 1 hour time frame.