The USD/JPY pair has been in a clear downtrend, trading within a descending channel for an extended period. Recently, price action has broken above the channel, but it is now facing resistance around the 150.35 level.
Retest Zone: The pair is currently retesting the broken trendline, and if it fails to sustain above this level, a rejection could lead to further downside.
Bearish Expectation: If the price fails to reclaim 150.35, a move towards the 147.00 support zone is likely.
Confirmation: A strong bearish candle from this level could indicate a reversal, confirming the downward move.
Traders should watch for price action signals at the retest level before making decisions.
Retest Zone: The pair is currently retesting the broken trendline, and if it fails to sustain above this level, a rejection could lead to further downside.
Bearish Expectation: If the price fails to reclaim 150.35, a move towards the 147.00 support zone is likely.
Confirmation: A strong bearish candle from this level could indicate a reversal, confirming the downward move.
Traders should watch for price action signals at the retest level before making decisions.
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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.