Will USD/JPY Correct After Hitting Key Resistance?
After analyzing multiple charts, the USDJPY chart reveals a potential correction as the price encounters resistance at a broken weekly trendline, now serving as a key supply zone. The steep uptrend appears overextended, increasing the likelihood of a retracement as the market consolidates gains. A breakdown of the rising support trendline could signal a shift toward bearish sentiment, with Fibonacci retracement levels offering critical targets for the correction.
Key Levels to Watch:
• 38.2% Retracement: 154.377
• 50.0% Retracement: 153.281
• 61.8% Retracement: 152.185
Stay sharp and trade smart as we head into the new year! 🎉
Key Levels to Watch:
• 38.2% Retracement: 154.377
• 50.0% Retracement: 153.281
• 61.8% Retracement: 152.185
Stay sharp and trade smart as we head into the new year! 🎉
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