Last week, USDJPY hit a new low at 146.220, sparking hopes for a potential recovery toward 147.750. However, strong selling pressure is anticipated around the 147.750 mark, indicating a dominant stance by sellers in the current market.
🔍 Key Points:
Recent low: 146.220
Potential recovery: Up to 147.750
Strong selling anticipated at 147.750
Sellers seem to be in control of USDJPY presently
📊 Market Insight:
While a bounce towards 147.750 might be in the cards, sellers are expected to heavily influence USDJPY's movement. This level could serve as a significant resistance point, indicating a potential downtrend continuation.
📉 Trading Outlook:
Traders should remain cautious around the 147.750 level, as it presents a notable selling opportunity. Monitoring price action near this level will be crucial for making informed trading decisions.
🌐 Market Sentiment:
Currently, the market sentiment leans towards seller dominance, emphasizing the need for careful analysis and risk management in USDJPY trades.
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