USDJPY Adjusts, Forms New Resistance, Awaiting Signals from BOJ
Currently, USDJPY is adjusting after breaking out of a downward channel, creating a new resistance zone at 145.000 and showing signs of a potential reversal.
The EMA 34 and EMA 89 lines are currently above the price, acting as dynamic resistance levels and applying downward pressure.
The key support zone lies around 143.500. If the price drops to this level and strong buying pressure emerges, we can expect a potential rebound from here.
Traders should closely monitor price action at key support and resistance levels. Entering buy or sell positions should be based on clear price action or technical signals.
On the news front: The Japanese yen stabilized on Thursday after a strong rise earlier in the week, driven by bets that the Bank of Japan will further hike interest rates this year following a series of tightening signals from BOJ officials.
The EMA 34 and EMA 89 lines are currently above the price, acting as dynamic resistance levels and applying downward pressure.
The key support zone lies around 143.500. If the price drops to this level and strong buying pressure emerges, we can expect a potential rebound from here.
Traders should closely monitor price action at key support and resistance levels. Entering buy or sell positions should be based on clear price action or technical signals.
On the news front: The Japanese yen stabilized on Thursday after a strong rise earlier in the week, driven by bets that the Bank of Japan will further hike interest rates this year following a series of tightening signals from BOJ officials.
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