USD/JPY Technical Analysis: Monitoring Momentum as Bears Take Control
In light of recent market dynamics, the USD/JPY has seen a significant selloff, with bearish momentum taking the forefront after a period of consolidation.
Technical Outlook
The USD/JPY pair has recently broken below a key support level, suggesting further moves to the downside and increased bearish sentiment. After testing the 148.500 level, the price has made a decisive move downward, breaking through the support near 147.500 and continuing its descent- now trading around 145.500.
Market Positioning
Attention is now turned to the next support zone around 145.500. The velocity of the recent drop indicates strong selling pressure, and if the price fails to hold above this level, we could see further declines towards the next significant support level.
Key Levels to Watch
- Immediate support zone near 145.000 psychological level
- Overhead resistance now forms at the broken support of 147.500
Traders will be watching these levels closely to determine if the bearish trend will persist or if a pullback towards previous support-turned-resistance levels will occur.
In light of recent market dynamics, the USD/JPY has seen a significant selloff, with bearish momentum taking the forefront after a period of consolidation.
Technical Outlook
The USD/JPY pair has recently broken below a key support level, suggesting further moves to the downside and increased bearish sentiment. After testing the 148.500 level, the price has made a decisive move downward, breaking through the support near 147.500 and continuing its descent- now trading around 145.500.
Market Positioning
Attention is now turned to the next support zone around 145.500. The velocity of the recent drop indicates strong selling pressure, and if the price fails to hold above this level, we could see further declines towards the next significant support level.
Key Levels to Watch
- Immediate support zone near 145.000 psychological level
- Overhead resistance now forms at the broken support of 147.500
Traders will be watching these levels closely to determine if the bearish trend will persist or if a pullback towards previous support-turned-resistance levels will occur.