USDJPY 4H : Support further decline
Updated
USDJPY
New forecast
The USD/JPY pair was able to break the 148.89 level and hold below it, reinforcing expectations that the downward trend will continue effectively during the coming sessions, paving the way for achieving our main awaited target at 147.87 and 147.45.
By closely looking at the chart, we find that the price is forming a double top pattern whose confirmation level is at 148.35, which means that exceeding this level will motivate the price to achieve additional negative goals that exceed the level mentioned above.
so to confirm the bearish trend should stable below 148.35 .
Therefore, we will continue to favor the bearish trend for the coming period unless the 149.24 level is breached and holds above it.
The expect range trading for today it will between resistance line 149.24 and support line 148.35 .
support line : 148.35 , 147.87
resistance line : 148.89 , 149.24
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New forecast
The USD/JPY pair was able to break the 148.89 level and hold below it, reinforcing expectations that the downward trend will continue effectively during the coming sessions, paving the way for achieving our main awaited target at 147.87 and 147.45.
By closely looking at the chart, we find that the price is forming a double top pattern whose confirmation level is at 148.35, which means that exceeding this level will motivate the price to achieve additional negative goals that exceed the level mentioned above.
so to confirm the bearish trend should stable below 148.35 .
Therefore, we will continue to favor the bearish trend for the coming period unless the 149.24 level is breached and holds above it.
The expect range trading for today it will between resistance line 149.24 and support line 148.35 .
support line : 148.35 , 147.87
resistance line : 148.89 , 149.24
Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️
Note
USDJPY
New forecast
The USD/JPY pair traded positively yesterday, exceeding the 148.89 level and settling above it, which provides signs of an attempt to resume the main upward trend again, but we note that the price is providing negative signals that may pressure the price to decline.
Therefore, we prefer to stay neutral until we get a clearer signal for the next direction, noting that breaking 148.89 will reactivate the bearish corrective scenario whose objectives begin by testing the 148.35 and if can stable under that level then the price will try to reach 147.87 level, while breaking 149.24 will push the price to continue rising and visit the recently recorded peak above 150.00 as a stop. First positive.
The expect range trading for today it will between resistance line 149.24 and support line 148.35 .
Additionally ,Today News will affect the market .
support line : 148.89 , 148.35
resistance line : 149.24 , 150.00
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