USDJPY 4hr Analysis 03/01/22
The USDJPY pair is expected to reach the support trendline on the 4-hour timeframe and approach a significant level of 135.224, which will create a price confluence. I anticipate a reversal from this crucial level.
Nevertheless, if the price breaks the support trendline and closes below it, I will switch from my bullish bias to bearish.
It's worth noting that the DXY is declining, which is causing other correlated currency pairs to follow suit. Until the DXY possibly finds a support level and reverses back to the upside, I doubt that the USDJPY will experience a significant pullback.
Nevertheless, if the price breaks the support trendline and closes below it, I will switch from my bullish bias to bearish.
It's worth noting that the DXY is declining, which is causing other correlated currency pairs to follow suit. Until the DXY possibly finds a support level and reverses back to the upside, I doubt that the USDJPY will experience a significant pullback.
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