USD/JPY Market Update: Key Levels and Long-Term ProjectionsUSD/JPY Market Update: Key Levels and Projections
The USD/JPY pair is nearing significant resistance levels, with potential for a correction if price action encounters selling pressure. Here’s a concise analysis of the current market structure:
Sell Zone: 152.713 - 151.934 - 150.814
This sell zone marks crucial resistance levels. If the pair closes above 152.713 on the daily time frame, the market could turn extremely bullish. However, within this zone, price could face significant resistance, triggering a pullback.
Buy Zone: Below 139, 136.000, and 128.000
The buy zones are below 139, with key support levels around 136.000 and 128.000. These zones are expected to hold strong buying interest if a correction occurs, providing opportunities for a reversal back to the upside.
Current Price Action
At 149.540, USD/JPY is approaching the lower boundary of the sell zone. While momentum remains bullish, watch for potential reversals near resistance.
COG: 144.438
The center of gravity (COG) at 144.438 is an important mid-level to watch. It could act as a pivot point in case of a price retracement, offering insight into the strength of the pullback.
Key Levels:
Resistance: 152.713 - 151.934 - 150.814 (Sell Zone).
Support: Below 139, 136.000, 128.000 (Buy Zones).
COG: 144.438.
Outlook
A breakout above 152.713 may drive further gains, while a correction toward 136.000 or below offers potential buying opportunities.
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