USD/JPY continues to fall after the earlier reversal from the top of the up channel chart pattern that was recently identified by Autochartist on the hourly charts – as can be seen from the following trade alert for this pair. USD/JPY is expected to reach the target level 103.49 in 2 days. The stop-level for this forecast is set by Autochartist set at 104.27 (B). This point formed previously, when USD/JPY reversed down from the resistance area near the strong resistance level 104.10 (which also reversed the price in April, as can be seen on the next chart below).

Forex Update

The following daily USD/JPY chart demonstrates the previous price action near resistance level 104.10:

Forex Update