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U.S. Dollar / Japanese Yen
Long

USDJPY → False break of support, Yen weakens. 160.0 again?

By RLinda
Updated
USDJPY fell under the correction wave, which was caused by the liquidation of buyers based on the change in the fundamental sentiment of the dollar index. It didn't last long.

snapshot
Buyers liquidation on the back of strong bullish trend. (A big player collects the position)

In general, both technically and fundamentally, the situation remains unfavorable for the Japanese yen. The national currency may continue to weaken and thus test the current ATH.
False breakdown of trend support brings the price back to the range of 155.95-157.23. Possible retest of resistance with the subsequent breakout and growth to the far liquidity zones.

Resistance levels: 157.23, 158.44
Support levels: 155.95, 154.77

The bulls should hold the defense above 155.95 with the aim to continue rising. The intermediate key point is 157.23 with the possibility of further breakout and growth.

Regards R. Linda!
Note
Consolidation above the key support is forming.
Closing of the session will determine the short- and medium-term potential for traders
Trade closed: target reached
Target 1 reached
Note
A break of 157.235 will continue the momentum
Note
Pre-breakout consolidation is forming
Possible breakout of 157.23
Trade active
Resistance retest with a breakout target
Note
A breakthrough is forming
Trade active
Consolidation is forming above 157.23.
If the bulls hold this area, further 158-160
Trade active
Breakout of key resistance.
the first target will be reached soon
Trade active
The resistance at 158.44 has been tested. We are waiting for a breakthrough and further growth
Trade closed: target reached
Target 2 reached
Trade active
After breaking through resistance, the currency pair is actively going upwards on the background of a weak yen
Trade active
snapshot
There's not much left to the goal...
We continue to hold
Trade closed: target reached
160.21 reached!
Chart PatternsDXYFibonacci RetracementFLATFundamental AnalysisSupport and ResistanceTrend AnalysisTrend Line BreakUSDJPYZigzag
RLinda
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