USDJPY → Key Level Retest. Attempt to change the trend

31 Mar

USDJPY in the correction phase is retesting the previously broken boundary of the downtrend. The market is trying to break the trend on the background of the dollar correction

The dollar is having a rather difficult life because of economic and geopolitical nuances regarding the USA, as well as high inflation. Against this background, the index may continue a deeper correction, as the rhetoric of interest rate cuts may be prolonged, which may put pressure on the markets.
The currency pair tried to overcome the downtrend resistance earlier and succeeded, but this is not enough for a trend change, it needs confirmation.

Support levels: 148.92, 148.21
Resistance levels: 150.16, 150.95

If the bulls hold the defense above 148.92 - 149.5, we have a good chance to catch a trend change. It will be the readiness to go to the resistance of 150.16 range, and the breakout of this level and price fixation above it will be the confirmation of the trend change

Regards R. Linda!

31 Mar

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