USD/JPY, Technical Analysis – H1
The strong upward momentum triggered active profit-taking, resulting in a sharp local sell-off of nearly 70 pips.
The strong upward momentum triggered active profit-taking, resulting in a sharp local sell-off of nearly 70 pips. Support was encountered in the demand zone at 162.650, but bulls are now struggling to regain control and continue the advance. Price is likely to consolidate between resistance at 163.000 and the trendline near 162.800.
Key Levels:
□ 162.650 — Key support / demand zone
□ 162.800 — Trendline support
□ 163.000 — Immediate resistance
□ 163.500 — Next upside target
Primary Scenario:
Consolidation within the 162.800–163.000 range.
Alternative Scenario:
Breakout higher toward 163.500.
Analyst Commentary:
Not the most attractive trading instrument today due to the lack of clear directional momentum and ongoing consolidation.
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.