USDJPY: Search for new support level
Updated
Today, the USD/JPY is trading around the 149.90 level, approaching a nearby support level with a predominant sideways movement, tilting the short-term outlook in favor of bearish momentum.
In the hourly timeframe, USD/JPY is exhibiting a Symmetrical Triangle pattern and has made a downward breakout. Should the current support be breached by a Double Top pattern, the bearish target is set at the 149.33 level, indicating a potential shift in the market's direction favoring sellers.
In the hourly timeframe, USD/JPY is exhibiting a Symmetrical Triangle pattern and has made a downward breakout. Should the current support be breached by a Double Top pattern, the bearish target is set at the 149.33 level, indicating a potential shift in the market's direction favoring sellers.
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