Guys, I do not do much Forex reviews, but the USD cannot stay above 100 forever. Even here with DXY at 105-106 it seems long-winded. This means most currencies against USD should be heading north. We just need Eurasia to get it's act together. A stop of the Ukraine war would help I would think.
Are those lines that embrace the price Keltner Channel? Can they work as resistance and support lines in the short-term?
No, I don't use the Keltner Channel. The two lines engulfing the candlesticks are generated via my own code. Yes, they can work as resistance and support lines if plotted on/transferred to lower time frame charts, as you see here...
Based on market structure, I expect USDJPY to reverse direction and assume a bearish trajectory sometime this week (August 22-26).
I am NOT going to argue against this point. However, I would add that I used to look for these zones, which I no longer do. Instead, I establish typical price ranges, which I call "statistical support/resistance;" as well as typical "time ranges," which I call "temporal support/resistance." These "benchmark" measures are obvious, so they do not require me to constantly be "looking left" trying to discern whether I see horizontal support/resistance or not; and yet, they end up automatically highlighting these very same "true" support and resistance lines that I used to seek to draw from supply/demand zones. It's just an easier way for me to do it, and more. But, since I don't share how I do this, in a way, my point is neither here nor there—it's moot. The typical retail trader might just as well go ahead and stick with horizontal lines (except it's my understanding that the institutional pros also draw diagonal "trend lines" that connect highs with highs and lows with lows which also operate as support/resistance.)