FX.co ★ USD/JPY

At the end of last week, the quotes of the currency pair US Dollar/Japanese Yen on the daily chart are trading near the support at 152.15, which is the pair's minimum marked by the "Zigzag" indicator on January 27th. I believe that the bears are at least aiming to retest this minimum, or even break it further to the downside, especially considering that the intermediate maximum, although quite high, was still ignored by the "Zigzag" indicator. Based on the current technical picture, we also see that the Stochastic D1 is deep in the oversold area of the pair, indicating that we can expect a new attempt for USD/JPY to rise soon, with the main target currently set at the resistance of 154.75. This corresponds to the pair's lows from early December, also marked by the "Zigzag" indicator. Overall, the long-term uptrend is under threat and may begin to shift towards the south permanently, as the USD/JPY quotes have fallen beyond all of my indicators and are trading in the area of active selling. Therefore, it is important to monitor this situation closely.