USD/JPY Tests Key Resistance, Potential Downward Reversal
The USD/JPY chart shows a bullish correction after the previous sharp decline. Currently, the pair is retesting the resistance zone near 153.0, with the 34 EMA and 89 EMA sloping down, indicating that the bearish pressure is still strong. If the price fails to break above this resistance zone, there is a high possibility that USD/JPY will reverse lower, heading towards the support zone around 151.5 - 152.0.
For trading strategies, this is an important area to watch for price reaction. If the price is rejected at the resistance zone, a sell order may be a reasonable option with the target being the support zone.
For trading strategies, this is an important area to watch for price reaction. If the price is rejected at the resistance zone, a sell order may be a reasonable option with the target being the support zone.
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