The USD/JPY price action sentiment appears bearish, aligned with the prevailing long-term downtrend. Recent price movements suggest potential for continued downward pressure, with a key resistance level in focus.
Key Levels and Price Action
The critical trading level to watch is 150.60, which marks the current intraday swing high and the falling resistance trendline. A corrective oversold rally towards this level, followed by a bearish rejection, could indicate continued downside momentum. In this scenario, the next downside targets would be 148.75, followed by 147.25 and 146.30 over the longer timeframe.
Alternatively, a confirmed breakout above 150.60, supported by a daily close above this level, would invalidate the bearish outlook. Such a breakout could open the door for further rallies higher, with potential resistance levels at 151.46 and 153.00.
Conclusion
The sentiment remains bearish as long as the 150.60 resistance level holds, with potential downside targets at 148.75, 147.25, and 146.30. A breakout above 150.60 would shift the outlook to bullish, suggesting a move towards 151.46 and 153.00. Traders should carefully monitor price action and daily closes around the 150.60 level to assess any sentiment shifts.
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.
Key Levels and Price Action
The critical trading level to watch is 150.60, which marks the current intraday swing high and the falling resistance trendline. A corrective oversold rally towards this level, followed by a bearish rejection, could indicate continued downside momentum. In this scenario, the next downside targets would be 148.75, followed by 147.25 and 146.30 over the longer timeframe.
Alternatively, a confirmed breakout above 150.60, supported by a daily close above this level, would invalidate the bearish outlook. Such a breakout could open the door for further rallies higher, with potential resistance levels at 151.46 and 153.00.
Conclusion
The sentiment remains bearish as long as the 150.60 resistance level holds, with potential downside targets at 148.75, 147.25, and 146.30. A breakout above 150.60 would shift the outlook to bullish, suggesting a move towards 151.46 and 153.00. Traders should carefully monitor price action and daily closes around the 150.60 level to assess any sentiment shifts.
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.