USDJPY has broken below a key support zone, indicating that sellers may have gained control. This area was previously a strong demand zone, but the decisive break suggests bearish momentum is taking over.The current market structure implies the potential for a retest of the broken support level, which could act as resistance before a continuation to the downside. If the price confirms rejection at the retest with bearish candlestick patterns or wicks, I anticipate a further decline toward the 153.700 level, where a stronger demand zone resides.
This setup aligns with the concept of a classic break-and-retest scenario, where the market resumes the downward move after a corrective pullback.
Trade active
Trade closed: target reached
Take Profit Hit
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🔥 Best BROKER - Get 20% Deposit BONUS - bit.ly/41UtANI
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Disclaimer
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.