The USDJPY currency pair experienced a breakdown below the key support level at 142.67, indicating a potential completion of the recent upside move from 138.42, which peaked at 145.06. The breach of support suggests a shift in market sentiment and opens the door for further downward movement.
Traders should closely monitor the pair as it heads towards the next support levels. The immediate target is at 140.80, followed by a potential move towards the 139.84 support level. These levels will be crucial in determining the strength of the bearish momentum and the potential for a more extended decline.
On the upside, USDJPY would need to reclaim the 143.30 resistance level to signal a potential resumption of the previous uptrend. A sustained move above this level could lead to another upward push towards the 145.00 resistance level.
To summarize, USDJPY has broken below the 142.67 support level, signaling the potential completion of the recent upside move. The pair now faces downside pressure with targets at 140.80 and 139.84. A break above the 143.30 resistance level would be required to shift the bearish sentiment. Traders should stay informed and adapt their strategies to the evolving market conditions to navigate potential opportunities and risks successfully.
