Reversal at Resistance
In my USD/JPY chart analysis today, I noticed that the pair has seen some interesting action. The price is now approaching a key resistance zone at around JPY149,500, after which it seems likely to reverse.
From this observation, I assess that if the price fails to break above this resistance level, we could see a significant decline. The next support point that I am targeting is the JPY144,000 area. This decline could be viewed as a buying opportunity if the price approaches this support level and shows signs of stabilizing.
From this observation, I assess that if the price fails to break above this resistance level, we could see a significant decline. The next support point that I am targeting is the JPY144,000 area. This decline could be viewed as a buying opportunity if the price approaches this support level and shows signs of stabilizing.
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