FX.co ★ USD/JPY

USDJPY 4-Hour Analysis: The analysis of the USD/JPY currency pair's price behavior is the main topic of our conversation today. Despite a well-formed structure that points to a decrease in USDJPY, the dollar/yen pair has the potential to move upward. The price may fluctuate between 161.734 and 162.124; a break above the designated level of 162.104–324 would indicate confirmation and a move into the resistance zone. Nonetheless, there is a significant possibility of a decline toward support at 160.234–634, which would change the entire picture. It's important to watch today's US trading session given the current skepticism over the US dollar's warranted rise. The market correction in the dollar's growth is apparent, and there has been no discernible shift to an uptrend continuation in this pair or other majors, despite my continued positive trading strategy and forecasts for USDJPY. The duo shows feeble and slow upward movement as they try to regain lost positions. With end-of-week targets at the support level of 159.824, Thursday's yen gain, however, points to an oncoming major decline. Unless the present price model, which resembles a bearish formation, is disrupted, it is recommended to short-sell the asset with stops at the resistance level of 162.684. A negative trend-based scenario can start if the accumulation at 162.344 is not broken. In such a scenario, it is anticipated to move down from 162.344 to the accumulation area of 161.254. According to this scenario, further growth to 161.704 may occur, and if a bearish USDJPY signal appears, a steep down to the area with accumulated volumes at 160.514 may occur.