USD/JPY, Technical Analysis – H4
USD/JPY has tested the supply area near 162,700, marking the likely end of the recent correction. Bears are now poised to push the pair toward the next major downside target.
The pair has tested the supply zone at 162,700, which can be viewed as the formal completion of the corrective phase ahead of the main downward movement. Bears are expected to target the 161,500–161,600 area.
Key Levels:
□ 162,700 – Key resistance / tested supply zone
□ 161,500–161,600 – Primary downside target
Primary Scenario:
Initiation of a decline toward 161,500–161,600.
Alternative Scenario:
Prolonged consolidation below 162,700.
Analyst Commentary:
The downside trend reversal pattern currently appears reliable.
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.