For USD/JPY, here's the analysis for a potential bearish drop:
Description: The chart indicates a potential bearish drop, with significant resistance and support levels identified.
Resistance Levels:
The 1st resistance level is observed at 150.19, characterized as "Pullback resistance." This level suggests a historical barrier where the price has encountered selling pressure after a retracement, indicating potential resistance.
The 2nd resistance level is located at 150.78, identified as "Multi-swing high resistance." This level represents a historical high point where the price has faced substantial selling pressure from multiple swing highs, reinforcing its significance as a resistance level.
Support Levels:
The 1st support level is at 149.45, marked as "Pullback support." This level indicates a historical area where the price has found support after a retracement, suggesting potential buying interest.
The 2nd support level is identified at 148.68, characterized as "Pullback support." Similar to the 1st support, this level represents another historical zone where the price has found support after a pullback, indicating a strong level of buying interest.
