Short

USDJPY Is Approaching Strong Resistance

Updated

USDJPY made a sharp reversal in 2022 on a daily chart, and touched 126-130 area after BoJ policy YCC adjustment back in December. However that drop appears completed as we have seen a strong bullish reversal in the lat few months, but it's just another corrective recovery that can be now slowly approaching the end. It's ideally an A-B-C move up to 142 resistance area where we can expect a bearish turn still this year. Alternatively, this can even be W-X-Y from 127 lows, but still a corrective and temporary higher degree pause for wave B/II. A drop and turn back below 137 can be the first evidence of a top in place.

Note

USDNOK Can See More Weakness As Crude Tryign To FInd A Support

comes up vs USD as #Norges Bank raised rates, but there are USD buyers as stocks come lower and crude hits some resistance. Therefore, I think USDNOK can still see wave (c) rally into 10.80-11.00 resistance.

ew-forecast

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