Preference:

USDJPY is consolidating in an ascending parallel channel. Prices have the potential to climb from our Pivot at 114.195 in line with 50% and 78.6% Fibonacci retracement towards our 1st resistance at 114.739 in line with 78.6% and 100% Fibonacci extension.

Alternative Scenario:

Alternatively, prices may break out of our channel and dip towards our 1st support at 113.788 which is a graphical overlap and in line with 78.6% Fibonacci retracement.

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