USD/JPY, Technical Analysis – H1
The pair has confirmed a breakdown of the uptrend by trading below the short-term trend line.
The pair has confirmed a breakdown of the uptrend by trading below the short-term trend line. Before the main bearish phase toward support at 161,100, a retest of resistance at 161,800 cannot be ruled out.
Key Levels:
□ 161,800 (resistance)
□ 161,100 (support)
Primary Scenario:
Pullback to 161,800, followed by a decline toward 161,100.
Alternative Scenario:
Direct decline toward 161,100.
Analyst Commentary:
A wait-and-see approach may cause you to miss a profitable trade, but it will significantly reduce the required stop-loss size.
Nikolai Krishtopov is a Market Analyst at Investizo with more than 15 years of experience in the financial markets industry and over a decade of trading experience. His areas of focus include forex and crypto markets, technical analysis, intraday trading and market behaviour.