The chart indicates a potential bullish movement for USD/JPY, based on price action analysis. Here's the forecast based on this technical setup:
1. Support Level Around 147.00 – The price recently tested this level and showed a bounce, indicating strong demand at this zone.
2. Current Recovery to 148.00 – The price has started moving up after bouncing from support, confirming buyers are stepping in.
3. Resistance Target at 149.00 – The projected path suggests an upward move towards the highlighted resistance zone around 149.00.
Conclusion:
If price sustains above 147.00, the bullish scenario remains valid, with an expected test of 149.00.
If it fails to break 149.00, a rejection could lead to a retracement back towards 147.00.
A break below 147.00 could indicate further downside pressure.
The key levels to watch are 147.00 (support) and 149.00 (resistance) for the next move in USD/JPY.
1. Support Level Around 147.00 – The price recently tested this level and showed a bounce, indicating strong demand at this zone.
2. Current Recovery to 148.00 – The price has started moving up after bouncing from support, confirming buyers are stepping in.
3. Resistance Target at 149.00 – The projected path suggests an upward move towards the highlighted resistance zone around 149.00.
Conclusion:
If price sustains above 147.00, the bullish scenario remains valid, with an expected test of 149.00.
If it fails to break 149.00, a rejection could lead to a retracement back towards 147.00.
A break below 147.00 could indicate further downside pressure.
The key levels to watch are 147.00 (support) and 149.00 (resistance) for the next move in USD/JPY.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.