FX.co ★ USD/JPY

USDJPY Trend Outlook: The current topic of discussion is the analysis of the USD/JPY currency pairs price behavior. Im analyzing the USD/JPY pair on a 15-minute chart. The pair previously traded within a range, but this range was broken, triggering the removal of buyer stops. Following the release of unemployment data, the pair surged to resistance at 156.613. The resistance level was breached, but the buyer volume was weak while the selling volume surged. That suggested that a corrective decline was more likely than further upward movement. Despite this, the pair pushed slightly higher before starting to correct. Support at 155.464 held, and buying limits were activated, indicating the possibility of further upward movement, with the next resistance at 156.613. While I'm uncertain whether the pair will begin growing from the current levels, its likely that it will, although a short-term correction may occur first.

I still expect growth from the current levels despite the uncertainty. Currently, USD/JPY is trading in narrow ranges, though it moved by 130 points yesterday. I've struggled to plan trades that align with market behavior, but Ive still managed to capture some profit. Sitting on the sidelines isnt an option for me, as Ive been stuck in a locked position since last week, unable to find a sensible exit strategy. Today, I decided not to reduce the buy and sell targets to the same level. The transaction volume suggests its best to wait and avoid being likely in, so I adjusted my buy target to 155.987 (sticking to my 100-point daily profit goal) while leaving the sell target unchanged at 156.987.