FX.co ★ USD/JPY

Hello traders, if we look at the USDJPY chart, we can see that after a long period of uncertainty, the price has shown its true direction. There was a breakthrough below the 157.47 support, which will now act as important resistance for the bulls. Currently, we are seeing a retracement of the instrument to test the broken level at 157.99, providing a good opportunity to enter short positions at more favorable prices. The profit-taking targets will be the 156.35 support and possibly the medium-term buyer zone at 156.32. This will help in deciding whether to enter short positions or buy on a rebound. In case of a bearish sentiment development, the medium-term target for working out will be 157.17. The Exponential Moving Average (EMA) indicator with a period of 13-50 is signaling a shift to a sell signal.