The U.S. Dollar plunged more nearly 12% off the yearly high against the Japanese Yen with USD/JPY rebounding off support at last week near the 2024 low.
Initial resistance now in view at the 100% extension of the recent advance at 146.11 and is backed by the 38.2% retracement at 147.14- both levels of interest for possible topside exhaustion / price inflection IF reached. Broader bearish invalidation is eyed at the 1.6185% extension / 2022 weekly high close at 148.67/73.
Ultimately, a break / daily close below 140.25 is needed to mark downtrend resumption with the subsequent support seen at the March high-day close (HDC) / March high at 137.35/91 and the 78.6% retracement at 134.65.
From a trading standpoint, rallies would need to be limited to 147.14 IF price is heading lower on this stretch with a close below 140.25 needed to fuel the next leg of the decline.
-MB
Initial resistance now in view at the 100% extension of the recent advance at 146.11 and is backed by the 38.2% retracement at 147.14- both levels of interest for possible topside exhaustion / price inflection IF reached. Broader bearish invalidation is eyed at the 1.6185% extension / 2022 weekly high close at 148.67/73.
Ultimately, a break / daily close below 140.25 is needed to mark downtrend resumption with the subsequent support seen at the March high-day close (HDC) / March high at 137.35/91 and the 78.6% retracement at 134.65.
From a trading standpoint, rallies would need to be limited to 147.14 IF price is heading lower on this stretch with a close below 140.25 needed to fuel the next leg of the decline.
-MB
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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.