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U.S. Dollar / Japanese Yen
Short
Updated

USDJPY Key Support Broken — Bearish Momentum in Play

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.
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DanieIM
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DanieIM

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