USD/JPY, Technical Analysis – H1
The pair continues to collapse after the historic intervention by the Bank of Japan.
The pair continues to collapse after the historic intervention by the Bank of Japan. The key resistance for a possible recovery is currently the 157.500–157.600 area: if the bulls manage to consolidate above it, the previous efforts of the bears could be quickly neutralized. However, it is still premature to talk about this, and the risks of a deeper decline also remain.
Primary Scenario:
A pullback to 157.500–157.600, followed by a new decline toward 157.000.
Alternative Scenario:
A breakout above 157.500–157.600 and a rise toward 158.000.
Analyst Commentary:
Buyers have a chance against the backdrop of a reverse short signal on the EUR/USD pair.
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.