USD/JPY remains in a bearish trend, as the longer-term downtrend continues to dominate market sentiment.
The key level to watch is 147.00, which marks the recent swing high and a strong resistance area. If the pair rises toward this level and gets rejected, it could resume its downward move toward support at 144.60, with further downside targets at 143.00 and 142.35 over time.
However, if the price breaks above 147.00 and posts a daily close above it, this would challenge the bearish outlook. In that case, the pair may continue higher, aiming for 147.60 and then possibly 148.50.
Conclusion:
The trend for USD/JPY is still bearish. A rejection at 147.00 could lead to more downside. But if the pair breaks and closes above 147.00, it may shift to a bullish move in the short term. Traders should watch how the price reacts around the 147.00 level for clues on the next direction.
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.
The key level to watch is 147.00, which marks the recent swing high and a strong resistance area. If the pair rises toward this level and gets rejected, it could resume its downward move toward support at 144.60, with further downside targets at 143.00 and 142.35 over time.
However, if the price breaks above 147.00 and posts a daily close above it, this would challenge the bearish outlook. In that case, the pair may continue higher, aiming for 147.60 and then possibly 148.50.
Conclusion:
The trend for USD/JPY is still bearish. A rejection at 147.00 could lead to more downside. But if the pair breaks and closes above 147.00, it may shift to a bullish move in the short term. Traders should watch how the price reacts around the 147.00 level for clues on the next direction.
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.
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.