Hi Traders!
The 151.946 apex level proved to be too strong and there is a now potential double top pattern on the USDJPY 1W chart after the market failed to break and close above 151.946.
Price Action 📊
After the initial break and close above the previous strong resistance level at 145.073, the market traded with continuous bullish momentum to target the psychological 150 handle and then the apex level, but the market seems to have run out of steam and is rapidly pulling back towards 145.073.
Fundamental Analysis 📰
We have the FOMC minutes meeting today, and depending on what is revealed in the minutes meeting, we have further downsides this week for the US dollar.
Support 📉
146.711: 20 EMA
145.073: PREVIOUS RANGE ZONE RESISTANCE
Resistance 📈
149.991: WEEKLY HIGH
Risk ⚠️
No more than 2% of your capital.
Reward 💰
At least 4% of your capital.
Please make sure to click on the like/boost button 🚀 as your support greatly helps.
Trade safely and responsibly.
BluetonaFX
The 151.946 apex level proved to be too strong and there is a now potential double top pattern on the USDJPY 1W chart after the market failed to break and close above 151.946.
Price Action 📊
After the initial break and close above the previous strong resistance level at 145.073, the market traded with continuous bullish momentum to target the psychological 150 handle and then the apex level, but the market seems to have run out of steam and is rapidly pulling back towards 145.073.
Fundamental Analysis 📰
We have the FOMC minutes meeting today, and depending on what is revealed in the minutes meeting, we have further downsides this week for the US dollar.
Support 📉
146.711: 20 EMA
145.073: PREVIOUS RANGE ZONE RESISTANCE
Resistance 📈
149.991: WEEKLY HIGH
Risk ⚠️
No more than 2% of your capital.
Reward 💰
At least 4% of your capital.
Please make sure to click on the like/boost button 🚀 as your support greatly helps.
Trade safely and responsibly.
BluetonaFX