Will USD/JPY Correct After Hitting Key Resistance?
After analyzing multiple charts, the USDJPY chart reveals a potential correction as the price encounters resistance at a broken weekly trendline, now serving as a key supply zone. The steep uptrend appears overextended, increasing the likelihood of a retracement as the market consolidates gains. A breakdown of the rising support trendline could signal a shift toward bearish sentiment, with Fibonacci retracement levels offering critical targets for the correction.
Key Levels to Watch:
• 38.2% Retracement: 154.377
• 50.0% Retracement: 153.281
• 61.8% Retracement: 152.185
Stay sharp and trade smart as we head into the new year! 🎉
Key Levels to Watch:
• 38.2% Retracement: 154.377
• 50.0% Retracement: 153.281
• 61.8% Retracement: 152.185
Stay sharp and trade smart as we head into the new year! 🎉
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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.
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.