USD/JPY Price Analysis: Bullish potential intact, dips could be seen as buying opportunity

USD/JPY Price Analysis: Bullish potential intact, dips could be seen as buying opportunity By HareshMenghani USDJPY Technical Analysis Majors Currencies

The ascending trend channel supports prospects for the emergence of some dip-buying.USD/JPY pair

From a technical perspective, slightly overbought RSI on the 4-hour chart seemed to be the only factor that capped the upside near an ascending channel resistance extending from the monthly swing low. This should now act as a key pivotal point for traders. Hence, any subsequent slide might still be seen as a buying opportunity and remain limited near the 114.35-30 horizontal support. The next relevant support is pegged near the 114.00 round-figure mark ahead of the lower boundary of the mentioned channel.

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