💱USDJPY - Correction before further growth
USDJPY is strengthening, making a false breakdown of local trend resistance. A correction towards the key support area is being formed, a rebound is likely to follow
TA on the high timeframe:
1) False break of 142.25 may form a rebound to 140.7
2) The price is updating the local maximum, we should not expect a strong fall, as the market has a key target of 144.69, most likely in the medium term we will see growth to this mark.
TA on the low timeframe:
1) A bearish correction is forming. This movement may test both 141.9 and 140.7.
2) There is no talk of a trend change, there is a strong bullish trend on the chart and a smooth transition into consolidation is forming.
3) Locally we have a bullish trend and in our case we should look for support levels to open long positions.
Key support📉: 141.95, 140.73
Key resistance📈:143.00
TA on the high timeframe:
1) False break of 142.25 may form a rebound to 140.7
2) The price is updating the local maximum, we should not expect a strong fall, as the market has a key target of 144.69, most likely in the medium term we will see growth to this mark.
TA on the low timeframe:
1) A bearish correction is forming. This movement may test both 141.9 and 140.7.
2) There is no talk of a trend change, there is a strong bullish trend on the chart and a smooth transition into consolidation is forming.
3) Locally we have a bullish trend and in our case we should look for support levels to open long positions.
Key support📉: 141.95, 140.73
Key resistance📈:143.00
Related publications
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.