USDJPY has been a roller coaster in 2022. We had a massive rally between March and October, followed by an equally impressive selloff. But the most appealing aspect of this year’s price action is the symmetry that USDJPY has displayed. The ascent between March and October carved a textbook ascending channel, which broke down in early November. USDJPY has since formed a descending channel within the current pullback. So the two channels above give us a broad outline to work with, but what about the day-to-day price action for USDJPY? For that, we must plot some horizontal levels to determine the likely path forward. ... (full story)