USD/JPY is currently testing the 147.34 resistance level, a critical point that could determine the pair’s next move.
Potential Scenarios
- Bullish Breakout:
- If the price breaks above the 147.34 resistance, it could trigger a further rally, with the next target being the 149.36 resistance level.
- Support Levels to Watch:
- Initial support is at 146.55.
- A break below this level could lead the price back towards the rising trend line on the 4-hour chart.
- Only a decisive break below the trend line support would signal that the uptrend from 143.44 has ended, potentially leading to a further decline toward 143.44.
Conclusion
USD/JPY is at a pivotal point, with the 147.34 resistance level in focus. A breakout could signal more gains ahead, while a drop below 146.55 may suggest a return to the rising trend line support. Keep an eye on these key levels to anticipate the pair’s next move.