USDJPY completed a second white channel backtest and a second purple channel midline backtest and is clinging to support: the midline of a parallel channel (in grey below.)
The rising white channel from last summer is finished; and, the harmonic picture is bearish.
But, the big yellow channel midline hasn’t been seriously threatened yet. A surprise move to the upside would catch a lot of bears unprepared. And, the 200 DMA, now at 94.24, is fast approaching. With SPX having recently punched through 1576, it’s important to the bulls that USDJPY hold its SMA200.