USDJPY Approaching Breakout: Will it Reach 147.21 or Pull Back?
Updated
2H Chart
Current Price: 144.252
After analyzing USD/JPY on the 2-hour chart, the price has broken through the major support and resistance level at 143.750. It is now approaching the upper boundary of a falling wedge, marked as the Breakout and Reversal line. We anticipate that this line could act as a barrier and potentially reverse the price if the bullish momentum isn’t strong enough. After reaching the breakout line, the price may pull back to consolidate strength before breaking through, leading it toward our price target of 147.217.
On the 2-hour chart, the price is trading above all moving averages, and the RSI is currently at 65.12. On the other hand, if the price breaks through the support at 142.44, we expect it could decline further, potentially reaching 139.57.
Current Price: 144.252
After analyzing USD/JPY on the 2-hour chart, the price has broken through the major support and resistance level at 143.750. It is now approaching the upper boundary of a falling wedge, marked as the Breakout and Reversal line. We anticipate that this line could act as a barrier and potentially reverse the price if the bullish momentum isn’t strong enough. After reaching the breakout line, the price may pull back to consolidate strength before breaking through, leading it toward our price target of 147.217.
On the 2-hour chart, the price is trading above all moving averages, and the RSI is currently at 65.12. On the other hand, if the price breaks through the support at 142.44, we expect it could decline further, potentially reaching 139.57.
Note
1H Candle closed with Shooting Star Candle Pattern, at the moment our ATH 144.426.
"A Shooting Star is a bearish reversal candlestick pattern that appears after an uptrend"
The price might bounce back from 143.750, if break through than our next Support is 142.447
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As mentioned in our initial analysis, the Breakout and Reversal line acted as a barrier and potentially reversed the price. Following our projected path, we successfully reached two of our targets:
• Target Reached: 144.431 ✔
• Target Reached: 143.750 ✔
The zone between 143.750 and 142.447 represents a Consolidation and Reversal Zone, where the price may reverse from the lower end of our path at 143.058.
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The price continues to reverse from the breakout line, which is acting as strong resistance. Monitor closely for a breakout, as it could present an optimal entry and profit opportunity.Trade active
The price has successfully broken through the breakout line and has since retested it, confirming the move. Our next price target is set at 147.217. Stay focused and enjoy the potential profits.Trade closed manually
After reaching 146.494, the price fell as the yen strengthened with Shigeru Ishiba likely to become Japan’s next prime minister. This analysis is no longer valid—stay tuned for updates.
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