USDJPY The price dips into support and creates a false breakdown below the lower boundary of the current trend. Meanwhile, the dollar is gaining strength, which could provide an opportunity for the currency pair to rise.The price has paused near a strong support zone, as the fundamental backdrop has been increasingly unstable and heavily influenced by developments in the USA. Attention has shifted away from Japan's interest rate hikes, with market participants now closely monitoring economic data from the West.
From a technical perspective, the chart presents two potential triggers—one for buying and one for selling. However, given that both the global and local trends are upward, the bias leans toward buying. If the currency pair manages to sustain above the 151.9 - 151.95 level, short- to medium-term growth toward the targets marked on the chart is likely.
Resistance levels: 151.94, 153.7, 153.97
Support levels: 150.95, 149.52
That said, if the dollar's correction persists and buyers fail to capitalize on the false breakdown of support, a drop back to 150.95 could trigger a breakdown, potentially leading to a decline toward 148.64.
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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.