At present, USD/JPY is relatively maintained at its high level since this year, and the US dollar has recently gained support in Powell's hawkish speech, and the bullish sentiment of the US dollar is rising, limiting the room for USD/JPY to fall.
Judging from the 4-hour chart, the current market has received certain buying support at the 136 mark, and the market has been able to rebound, but there is still a lack of strength.So I think it will be digested in the form of shocks from the technical point of view alone. Waiting for the policy decision of the Bank of Japan on Friday and the monthly non-farm payrolls report of the United States should provide a new thrust for USD/JPY.
In addition, structurally speaking, before the end of the USD/JPY market, it is expected to form a head and shoulder pattern, but the right shoulder pattern has not yet been constructed, so USD/JPY should have a period of rebound from the technical structure before turning into a downward pattern; in addition, the 136 mark is likely to attract some bulls, thereby limiting the market's decline, and the 135 position is the strong support at the previous top-bottom conversion position, only after USD/JPY breaks below the 135 position can it be regarded as a short trend.Before that, USD/JPY was relatively optimistic.
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