The current trend of the USD/JPY is showing bearish signals as it is trading in a bearish zone below the levels of 151.00 and 150.70. There was a break below a major bullish trend line with support at 151.65 on the hourly chart, indicating that the pair is declining and exhibiting bearish signs below the 151.00 level.
Regarding consolidation, the USD/JPY is expected to maintain a narrow consolidation within the 151.10 to 151.90 range during the day. There is strong resistance around 151.90 and key support between 151.10 and 151.20. If the pair breaks below this key support area, the adjustment could be halted for the week.
However, the USD/JPY has managed to stay above the psychological level of 150.00 and has shown intraday gains around the mid-150.00s, staying above the 100-period Simple Moving Average (SMA) on the 4-hour chart. Furthermore, a recovery above 150.91 could renew buying interest, targeting the 151.00 level and potentially retesting the year-to-date high at 151.91.
In summary, the current trend shows a mix of technical signals. While there is bearish pressure below key resistance levels, the pair's ability to stay above 150.00 and potential buying interest above 150.91 suggest there could be short-term recovery opportunities. As always, future movements will depend on a variety of factors, including economic developments and market news.
@MyCryptoParadise_Nathan im here to help with knowledge. Every week i will upload my ideas for the market of 10 different pair of divisas.
BBSignTraders
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Mira en los enlace que deje en la descripción como trazamos previamente las probabilidades y como se cumplieron.
Bravetotrade
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Congratulations and well done for sharing your first idea with the community. Hope you will be having great experience. Thanks for your contribution.
As a tip- you can copy the link to a chart on TV by clicking 'Take a Snapshot' button and then copy link OR by just pressing ALT+S. Then paste this link in the description or update section. From mod @Bravetotrade