FX.co ★ USD/JPY

USDJPY Price Behavior: Right now, I'm evaluating the USD/JPY currency pair's dynamic pricing behavior. It's difficult to see any distinct graphical patterns, and I don't think the circumstances are right for a big bearish surge. The market showed a wide range yesterday, which is unusual for a trend, even if a downward push is probable. Bearish movement is unlikely due to the stiff resistance at 157.624. On the other hand, purchasing prospects seem attractive, especially on Friday. I am thus waiting for either an upward reversal or a collapse around 155.624, although I am not currently set on a direction. On the weekly chart for USD/JPY, the price reversed and fell abruptly after testing the local resistance level from the bottom at 159.984. This resulted in the formation of a bearish candle that ended close to the local support level of 155.704, testing it from above. I'll keep a careful eye on this support level during the course of next week, expecting two possible outcomes. I anticipate that the price will return to the resistance level at 159.984 if this scenario materializes. I see further upward movement approaching the next resistance level at 162.524 if the price stabilizes above this barrier. To ascertain the future course at this level, I'll search for trade setups. In a different scenario, a more distant bullish goal of 166.934 is contingent upon the market response and the changing news backdrop. Alternatively, if the price falls below the 155.704 support level, I expect further southern action. In this scenario, I anticipate that the price will reach the 152.557 or 151.634 support levels. In anticipation of a rebound, I will look for bullish signs around these levels. Although I don't think it's probable right now, a deeper bearish drop might be feasible. In general, I don't see anything noteworthy for next week. I continue to concentrate on the possibility that the bullish trend may resume, and I am searching for positive signs from the closest support levels.