USD/JPY: Downtrend Continues, But a Rebound Could Be on the Horizon

USD/JPY has seen a sharp decline, dropping from 149.36 to as low as 144.45.

What to Expect Next

  • Potential for Further Decline:
    • As long as the 147.34 resistance level holds, the pair could continue to decline, with the next target around the 143.60 area.
  • Possible Rebound:
    • The fall from 149.36 appears to be a correction within the broader uptrend that began at 141.68.
    • After this correction, another rise is likely.

Key Levels to Watch

  • Resistance:
    • Initial resistance is at 147.34.
    • A break above this level could signal the resumption of the uptrend from 141.68, with the next target at the 149.36 resistance level.
    • If the price breaks above 149.36, it could aim for the 152.00 area.

Conclusion

USD/JPY is currently in a downtrend, but this may be a temporary correction within a larger uptrend. Keep an eye on the 147.34 resistance level, as a break above it could indicate the return of bullish momentum, with targets at 149.36 and potentially 152.00.