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U.S. Dollar / Japanese Yen
Short

USDJPY → JPY strengthening. What is the importance of 149.7?

By RLinda
Updated
USDJPY is testing resistance (old support) on the background of correction and trend change and is apparently preparing for further decline, following the DXY , which is also weakening on the background of fundamental policy.

snapshot

On D1 we see the global high renewal, but against the background of the dollar index weakening after a long strengthening and the introduction of measures to combat the weak Yen, the Japanese authorities get a small, but the result - the national currency rate strengthens for almost 10 days in a row.

From the point of view of technical analysis: on D1 a double top is formed and the extreme bullish maneuver ends in the zone of 151.72, after which the market enters the correction phase. On the background of retest (bounce), the price is testing one of the strong levels: 149.7. The market feels a strong limit zone at 0.5 Fibo, which it cannot break through and opens the session of the new trading week with a slight decline. Further decline may continue either from 0.5 fibo (rebound) or at the breakout of 0.382 fibo. The market is bearish, as evidenced by the crossover of moving averages.

Resistance levels: 0.5 fibo, 149.7, 150.0.
Support levels: 0.382 fibo, 148.8.

I expect further decline. It can happen either on a bounce from 0.5 fibo (149.7) or on a breakout and price consolidation below 0.382 fibo. Further targets: 148, 147, 146.

Regards R. Linda!
Trade active
snapshot

Limit resistance zone and MA crossover are doing their job.
The dollar index are weakening, and the currency pair breaks the support, after which it forms a sell signal. In fact, exactly what I was talking about in the idea happens
Note
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Great. The zones I specified and the price reaction to them are doing their job. Price is reaching our target :)
Ascending ChannelBeyond Technical AnalysisDXYFibonacci RetracementFLATForexFundamental AnalysisTechnical IndicatorsSupport and ResistanceTrend Line BreakUSDJPYZigzag
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