USDJPY continues downtrend from 153.06
Updated
Looking at the USDJPY chart on the 4-hour time frame, we have a clear uptrend in a parallel price channel. However, the market is showing signs of weakness as it approaches the resistance zone near 153.067. This could be a potential turning point with the possibility of a sharp correction to the downside.
Detailed technical analysis:
Main trend: The chart shows USDJPY is in an uptrend channel, however, the price has started to break the lower channel line. This shows that selling pressure is increasing as the price approaches the resistance zone of 153.067.
Resistance & Support: The 153.067 area is a strong resistance zone, and if USDJPY fails to break above it, there is a high possibility of a correction to the support levels below.
Correction targets: There are two major support targets if the price continues to decline:
Target 1: Around the 151.000 price zone, where there is short-term support. If the selling pressure is strong, this is the first area that the price can test.
Target 2: Around 149,000, stronger support. This is the area where the price can correct deeply if there is a strong selling wave.
Trading strategy: If you are looking for a selling opportunity, consider selling when the price touches the 153,067 area and fails to break through. Set the first profit target at 151,000 and the second target at 149,000. This requires patience and close monitoring for signs of strong price declines.
Detailed technical analysis:
Main trend: The chart shows USDJPY is in an uptrend channel, however, the price has started to break the lower channel line. This shows that selling pressure is increasing as the price approaches the resistance zone of 153.067.
Resistance & Support: The 153.067 area is a strong resistance zone, and if USDJPY fails to break above it, there is a high possibility of a correction to the support levels below.
Correction targets: There are two major support targets if the price continues to decline:
Target 1: Around the 151.000 price zone, where there is short-term support. If the selling pressure is strong, this is the first area that the price can test.
Target 2: Around 149,000, stronger support. This is the area where the price can correct deeply if there is a strong selling wave.
Trading strategy: If you are looking for a selling opportunity, consider selling when the price touches the 153,067 area and fails to break through. Set the first profit target at 151,000 and the second target at 149,000. This requires patience and close monitoring for signs of strong price declines.
Trade active
The Japanese Yen depreciated following the release of Manufacturing PMI on Friday. The headline Jibun Bank Japan Manufacturing PMI registered at 49.2 in October, reflecting a decrease from 49.7 in September. US Nonfarm Payrolls are expected to increase by 113,000 jobs in October, a decline from the previous count of 254,000.
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