USDJPY: Major Resistance Zone, Probable Butterfly at FR161.8%

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USDJPY D1, Major Resistance Zone

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USDJPY M15, Butterfly in Progress at FR161.8%

The price is about to reach a major resistance zone from 106.11 onwards since it has broken above a major falling channel.
The U.S. election has ended with Trump as the new president and that will cause a lot of uncertainty which may cause the dollar to weaken.
A butterfly seems to be forming within the major resistance zone and is about to reach its FR161.8% level.
If the price stops at FR161.8% if the butterfly and starts to reverse, that’s the time to sell, and stop loss would be best recommended to set above the top of the major resistance zone at 106.80.

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