USD/JPY, Technical Analysis – H1
The pair appears to be approaching the completion of its upward correction, with a likely test of the 162.650 zone.
The pair appears to be approaching the completion of its upward correction, with a likely test of the 162.650 zone — an area that formed a very strong supply level last week. There is a high probability that the market will face intense selling pressure from this region.
Key Levels:
□ Resistance: 162.650
□ Support zone: 162.000 / 161.800
Primary Scenario:
Rise toward 162.650 followed by a sharp downside reversal.
Alternative Scenario:
Consolidation around current levels.
Analyst Commentary:
To avoid potential upside squeeze risks, it is preferable to look for short opportunities after confirmation of a reversal from 162.650.
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.