The USDJPY currency pair remains bearish, following the prevailing downtrend. Recent price action shows resistance at the 150.60 level, which marks the current intraday swing high.
Key Levels:
Resistance: The critical resistance level to watch is 150.60. A rally to this level followed by a bearish rejection could signal further downside momentum.
Support: On the downside, key support levels are positioned at 148.15, 147.00, and 146.30, marking potential bearish targets over the longer term.
Bullish Scenario: If the pair breaks above the 150.60 resistance and achieves a daily close above it, the bearish outlook would be invalidated. This would open the door for further rallies, with resistance levels at 151.46 and 152.36 acting as possible targets.
Conclusion: The bearish sentiment remains strong as long as 150.60 holds as resistance. Traders should be cautious of rallies and look for bearish rejections near this level. A confirmed breakout above 150.60 would signal a potential trend reversal, favoring further upside.
This communication is for informational purposes only and should not be viewed as any form of recommendation as to a particular course of action or as investment advice. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Opinions, estimates and assumptions expressed herein are made as of the date of this communication and are subject to change without notice. This communication has been prepared based upon information, including market prices, data and other information, believed to be reliable; however, Trade Nation does not warrant its completeness or accuracy. All market prices and market data contained in or attached to this communication are indicative and subject to change without notice.
Key Levels:
Resistance: The critical resistance level to watch is 150.60. A rally to this level followed by a bearish rejection could signal further downside momentum.
Support: On the downside, key support levels are positioned at 148.15, 147.00, and 146.30, marking potential bearish targets over the longer term.
Bullish Scenario: If the pair breaks above the 150.60 resistance and achieves a daily close above it, the bearish outlook would be invalidated. This would open the door for further rallies, with resistance levels at 151.46 and 152.36 acting as possible targets.
Conclusion: The bearish sentiment remains strong as long as 150.60 holds as resistance. Traders should be cautious of rallies and look for bearish rejections near this level. A confirmed breakout above 150.60 would signal a potential trend reversal, favoring further upside.
This communication is for informational purposes only and should not be viewed as any form of recommendation as to a particular course of action or as investment advice. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Opinions, estimates and assumptions expressed herein are made as of the date of this communication and are subject to change without notice. This communication has been prepared based upon information, including market prices, data and other information, believed to be reliable; however, Trade Nation does not warrant its completeness or accuracy. All market prices and market data contained in or attached to this communication are indicative and subject to change without notice.
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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.