USDJPY → False breakdown of uptrend support

25 nov. 2024

USDJPY is forming a false breakdown of the support of the ascending price channel. On the background of the dollar rally and strong sales of the Japanese national currency, it can be a good signal for the continuation of growth



On D1 we can clearly see the upward, bullish market structure. There are no deep corrections, strong fundamental background and aggressive support from the rallying dollar. This picture may have a medium-term character and the market has a chance to test the ATH, provided that Japan does not start to take any measures to strengthen the JPY.
Technically, the currency pair is consolidating above the strong support at 153.9 and intends to go even higher. There are two strong resistances ahead.

Support levels: 153.9, 153.5, 152.2
Resistance levels: 155.36, 155.8, 156.7

Accordingly, a price fixation above trend support or above 155.4 will be a good signal that we are ready to go up

Rate, share your opinion and questions, let's discuss what's going on with ★ USDJPY ;)

Regards R. Linda!

25 nov. 2024

Transaction en cours

Consolidation is forming above the support line after a false breakdown