The JPY/USD is in a downward channel. Will it find support around 0.006 and rebound, or will it break below this key level?
The pair has nearly reached a major support zone—an area where buyers have previously shown strong interest. This level has historically acted as both strong resistance and support, increasing the likelihood of a bounce if buyers step in.
What do we want to see?
For a continuation to the upside, we need this level to hold as support. A bullish engulfing candle could signal a potential reversal.
If JPY/USD is to move lower, we need a clear break below support with high volume to confirm the breakout. In that case, lower prices could follow.
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The pair has nearly reached a major support zone—an area where buyers have previously shown strong interest. This level has historically acted as both strong resistance and support, increasing the likelihood of a bounce if buyers step in.
What do we want to see?
For a continuation to the upside, we need this level to hold as support. A bullish engulfing candle could signal a potential reversal.
If JPY/USD is to move lower, we need a clear break below support with high volume to confirm the breakout. In that case, lower prices could follow.
Thanks for your support.
- Make sure to follow me so you don't miss out on the next analysis!
- Drop a like and leave a comment!
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Free discord trading community
discord.gg/ctYsFQR4bx
Free signals
t.me/codeandcandle
discord.gg/ctYsFQR4bx
Free signals
t.me/codeandcandle
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.