USDJPY → Readiness to break the daily support level

6 Mar

USDJPY is testing strong key support at 148.64 for a breakdown. A falling dollar could affect further movement



The falling dollar is supporting the Japanese Yen, thus we may see the currency pair falling.
The price is trying to break the support of the daily level. A pre-breakdown consolidation of 150.3 - 148.64 is formed relative to this support. The last retest of the level ended with a small false breakdown, indicating that there is no one to defend the support anymore, there was no reaction except for another local consolidation, the purpose of which is to accumulate the potential to break the support.

Resistance levels: 150.3, 150.95
Support levels: 148.64, 147.17

The focus is on the level of 148.64 concerning which the market is struggling. The bulls have little chance to hold this level, as the dollar's fall exerts quite a lot of pressure.
The breakdown and fixing of the price below 148.64 may provoke a fall to 147 - 144.

Regards R. Linda!

6 Mar

İşlem aktif

A rebound from channel support to previously broken support (resistance) before further decline is possible
The market may move into a consolidation phase before Friday's NFP