USDJPY: Opens up many possibilities for price increases
Updated
Hello dear friends, do you think USDJPY will rise or fall this week?
On our chart today, it is clear that this currency pair is showing a distinct downward corrective wave, with the current price fluctuating around 149.90 and marking a 0.18% decrease for the day.
From a technical standpoint: Despite the current decline, the upward trend still holds dominance as USDPY successfully broke the resistance level at 149.00. If the price retests this broken resistance level and accepts it as a new support level for the current short-term upward momentum, there is a possibility that the bull side will open up multiple buying opportunities if the Fed continues to extend the duration of interest rate cuts in the near future.
On our chart today, it is clear that this currency pair is showing a distinct downward corrective wave, with the current price fluctuating around 149.90 and marking a 0.18% decrease for the day.
From a technical standpoint: Despite the current decline, the upward trend still holds dominance as USDPY successfully broke the resistance level at 149.00. If the price retests this broken resistance level and accepts it as a new support level for the current short-term upward momentum, there is a possibility that the bull side will open up multiple buying opportunities if the Fed continues to extend the duration of interest rate cuts in the near future.
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