Market Structure & Price Action
USD/JPY is currently trading at 149.182, showing a weak bullish reaction but still respecting the broader descending trendline resistance. The pair has been following a well-defined bearish channel, making lower highs and lower lows.
Key Observations:
📉 Trendline Rejection: The price has tested the descending trendline and faced rejection, indicating sustained bearish pressure.
📊 Double Top Formation: A potential double top near 149.500 further supports a bearish outlook.
🔵 Support Zone at 148.900 - 149.000: This level has acted as strong demand previously. However, repeated retests weaken its reliability.
📌 Break and Retest Setup: If the price breaks below the support, a continuation to 148.000 and possibly 146.500 is likely.
Bearish Scenario:
A confirmed breakdown below 148.900 could trigger a sharper decline toward the 147.500 - 146.500 range, as highlighted in the projected move.
A failure to hold above the descending trendline signals strong selling momentum.
Bullish Scenario:
If buyers defend 148.900 support, the price could retest 149.500 or even attempt a breakout towards 150.000.
However, the overall trend remains bearish, favoring further downside.
Conclusion:
Bias: Bearish 📉
Key Levels to Watch:
✅ Resistance: 149.500 – 150.000
✅ Support: 148.900 – 147.500
A break below the support zone could accelerate selling pressure, aligning with the downtrend structure.
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.
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.