USDJPY – Retesting Weekly Supply!

USDJPY is currently retesting a strong supply zone marked in red, an area that has previously attracted aggressive selling pressure. 🔴

After a strong bullish rally, price is now approaching a key decision point where sellers may step back in and challenge the recent upward momentum.

As long as this supply zone holds, we will be looking for shorts, anticipating a bearish rejection from this resistance area. 📊

However, for the bears to take full control and confirm a larger bearish move, a break below the lower red trendline is needed. This would signal a shift in momentum and increase the probability of a deeper decline. ⚡

Until then, the supply zone remains the key area to watch.

Will the bears finally regain control here? 🤔

⚠️ Disclaimer: This is not financial advice. Always do your own research and manage risk properly.

📚 Stick to your trading plan regarding entries, risk, and management.

Good luck! 🍀

All Strategies Are Good; If Managed Properly!
~Richard Nasr