USD/JPY: Bullish Rebound with Short-Term Dip Potential
Hello Everyone,
The USD/JPY pair has recently rebounded from a 6-month low at 137.688 and a 3-month low at 140.254, indicating a gradual shift towards a bullish trend. Although the current status shows overbought conditions, a short-term dip should not be ruled out. Presently, the pair is trading above the weekly pivot point at 143.826, suggesting a potential retest. However, it is positioned below the daily pivot point at 145.549. It's essential to keep an eye on the evolving market dynamics, considering the possibility of a retracement in the near term.
If you have a moment, I'd really appreciate your boost for my analysis. Your input would be truly valuable.
TradeWithTheTrend3344
The USD/JPY pair has recently rebounded from a 6-month low at 137.688 and a 3-month low at 140.254, indicating a gradual shift towards a bullish trend. Although the current status shows overbought conditions, a short-term dip should not be ruled out. Presently, the pair is trading above the weekly pivot point at 143.826, suggesting a potential retest. However, it is positioned below the daily pivot point at 145.549. It's essential to keep an eye on the evolving market dynamics, considering the possibility of a retracement in the near term.
If you have a moment, I'd really appreciate your boost for my analysis. Your input would be truly valuable.
TradeWithTheTrend3344
Comment:
Excellent upward momentum