USDJPY → False break of support gives bulls a chance for FX:USDJPY by RLinda

USDJPY → False break of support gives bulls a chance

bumps into support and forms a false breakdown of the lower boundary of the local trend. The dollar is strengthening at this time, which may give a chance for growth of the currency pair.

The price stops in the zone of strong support, the fundamental background has been unstable lately and depends more on the USA. Everyone has long forgotten about the growth of interest rates in Japan and follows the economic data from the West.
Technically, there are two triggers on the chart, one to buy and one to sell, but since the global and local trend is upward, the preference is to buy. If the currency pair is able to consolidate above 151.9 - 151.95, then in the short and medium term we should expect growth to the targets indicated on the chart.

Resistance levels: 151.94, 153.7, 153.97
Support levels: 150.95, 149.52

But, if the dollar continues the correction and the bulls fail to realize the false support breakdown, the price return to 150.95 may provoke the support breakout and fall to 148.64.

Regards R. Linda!

Trade active

USDJPY has consolidated in the buying zone and is ready to move upwards

Trade closed: target reached

TP1 reached
+190

RLinda

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