Analyzing the USD/JPY Exchange Rate: Expecting Further Decline with Key Resistance Level Holding

Friday, 12 July 2024, 13:01
The analysis of the USD/JPY exchange rate indicates a potential bearish scenario ahead, as the 160.25 support turned resistance remains intact. The current fall from 161.94 is viewed as a correction within the larger five-wave rally from 140.25. A sustained break below the 55-day EMA at 157.71 would confirm the bearish trend, setting the next target at the 38.2% retracement level of 140.25 to 161.94 at 163.65. Investors should closely monitor these key levels for potential trading opportunities in the USD/JPY pair.
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Analyzing the USD/JPY Exchange Rate: Expecting Further Decline with Key Resistance Level Holding

USD JPY Exchange Rate Analysis

Potential Bearish Scenario Ahead

No change in USD/JPY's outlook. Deeper decline is expected with 160.25 support turned resistance intact. Fall from 161.94 is seen as corrective the five-wave rally from 140.25. Sustained break of 55 D EMA (now at 157.71) will affirm this bearish case. Next target will be 38.2% retracement of 140.25 to 161.94 at 163.65.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.

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