The USDJPY currency pair is currently on an upward trajectory, approaching the key resistance level at 148.80. It's worth noting that in October of the previous year, the price experienced a significant downturn from this same level. Given this historical context, there is a reasonable expectation that a similar price reversal may occur this time as well.
Should the daily candle manage to close above the critical resistance point at 148.80, it could potentially signal a further bullish extension towards the next target at 150.10. However, our strategy entails a bearish outlook. We plan to initiate a sell position at 150.10, with a target set at 145.55. This target aligns with the trend line support, which suggests a potential bearish move in the market, mirroring the historical precedent of price declines from the 148.80 level.
🔥1st Sell Entry - 148.80
🔥2nd Sell Entry - 150.10
👇TP - 145.50
🔴SL - Join Our Channel
Should the daily candle manage to close above the critical resistance point at 148.80, it could potentially signal a further bullish extension towards the next target at 150.10. However, our strategy entails a bearish outlook. We plan to initiate a sell position at 150.10, with a target set at 145.55. This target aligns with the trend line support, which suggests a potential bearish move in the market, mirroring the historical precedent of price declines from the 148.80 level.
🔥1st Sell Entry - 148.80
🔥2nd Sell Entry - 150.10
👇TP - 145.50
🔴SL - Join Our Channel