USD/JPY, Technical Analysis – H1
Weakness of the bulls on USD/JPY is being confirmed. The current upward technical correction lacks any real strength or momentum, making a rejection at the nearest strong resistance the most likely outcome.
Weakness of the bulls on this pair is being confirmed. The current upward technical correction completely lacks strength and momentum, making its rejection at any strong resistance highly probable. Such resistance may be provided by the round-number area of 159.000. This represents a move of over 100 pips, so it is far from certain that buyers will manage to reach it.
Key Levels:
□ Resistance: 159.000
□ Support: 157.000
Primary Scenario:
Gradual rise toward 159.000. A sharp reversal downward is possible at any time.
Alternative Scenario:
Decline below 157.000.
Analyst Commentary:
Buying is extremely unsafe.
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.