Playing the Potential USD/JPY Exhaustion

The 30-minute USD/JPY has sold-off and transitioned into a distribution cycle which from my experience can be an *account killer* unless you make the proper adjustments to price movement expectation. Usually in distribution, prices will exhaust at near-term highs and lows. On the 30-minute USD/JPY that means the 88.50 resistance and 86.95 support.

Summary
Target Level 88.5
Target Period 1 hour
Stop Level 86.95

Analysis
Channel Down identified at 01-Jul 21:00 GMT. This pattern is still in the process of forming. Possible bullish price movement towards the resistance 88.5 within the next 1 hour.

Supporting Indicators
Upward sloping Moving Average

Resistance Levels
(G) 89.41 Last resistance turning point of Channel Down.
(F) 88.55 Last resistance turning point of Channel Down.
(B) 88.5 Last resistance turning point of Channel Down.

Support Levels
(A) 86.95 Last support turning point of Channel Down.

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Data Interval 30 Minutes