The USD/JPY pair appears to be forming a potential reversal pattern after reaching a low around 146.50 in early March. Having bounced from this support level, the price is now hovering near 148.60 with indications of a larger corrective move ahead. Technical analysis suggests we are expecting a bigger correction in this area, with the price likely to test higher levels before encountering significant resistance. The initial price target will be the upper boundary of the blue box area (approximately 150.50-151.00), with potential to go toward the descending trendline that has been capping price action since January.
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Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.
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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.