USD/JPY Market Analysis and Outlook

Friday, 9 August 2024, 13:19
The USD/JPY currency pair has shown signs of recovery after falling to a low of 141.67. Although the daily outlook is currently neutral, resistance at 150.88 may limit further gains. A breakout below 141.67 would indicate a continuation of the downtrend towards the support level of 140.25, following a previous high of 161.94. This analysis highlights potential trends and critical resistance levels for traders.
Actionforex
USD/JPY Market Analysis and Outlook

USD/JPY Recovery Insights

The USD/JPY pair has seen a recovery from a recent low of 141.67, indicating a potential shift in market sentiment.

Market Resistance and Potential Declines

Despite the recovery, upside potential is restricted by a significant resistance level at 150.88. If this resistance holds, it could pave the way for further declines.

  1. Break below 141.67 indicates continuation to 140.25.
  2. Resistance at 150.88 may limit upside moves.
  3. Previous high stood at 161.94.

Conclusion

Traders should monitor these resistance and support levels closely to navigate the upcoming market fluctuations effectively.

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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