Technical Breakdown, What's Next for the Pair?OANDA:USDJPY - 1 Hour Chart
Current Price: 154.281
Upon analysing the 1-hour chart, we observe that the price has recently rejected a strong resistance level and is now trading below Resistance (R2) at 154.688. The RSI is currently at 31.83, which is below the neutral 50 mark, indicating weak momentum. Given the strong resistance at R2 and the weak RSI, we anticipate a potential decline towards the S1 support level at 153.125.
Although there is strong support at S1, a price pullback or consolidation around this area is possible. However, due to the weak RSI and the fact that other USD-related currencies are in an extreme oversold condition, we expect the price to break through S1 and potentially test the S2 support level at 151.563. A further decline could eventually bring the price to the 150 psychological level.
On the other hand, if the price manages to break above R2, we could see a move towards 156.250.
Key Levels:
R1: 156.250
R2: 154.688
S1: 153.125
S2: 151.563
psychological level: 150.000
Reminder for traders: Always follow your risk management rules. Ensure you’re using appropriate stop-loss levels and position sizing for your trades. Market conditions can change quickly, and staying disciplined is key to long-term success.
Good luck with your trades!
