USD/JPY Approaches Key Level: Continue Rising or Correct?
Based on the 1-hour chart of USD/JPY on November 6th, we observe a strong upward move pushing the price towards the resistance zone around 154.272. This area plays a crucial role, as it could trigger selling pressure if USD/JPY fails to break above this level.
Currently, the 34 and 89 EMA lines remain below the price, indicating a short-term upward trend. However, if the price is rejected at the resistance and begins to pull back, a correction scenario may occur, with the first support level around 151.363.
If USD/JPY breaks below this support level, the downward trend could intensify, leading to a deeper decline. For an optimal strategy, investors should monitor the price reaction at these key resistance and support levels to determine the next direction.
Currently, the 34 and 89 EMA lines remain below the price, indicating a short-term upward trend. However, if the price is rejected at the resistance and begins to pull back, a correction scenario may occur, with the first support level around 151.363.
If USD/JPY breaks below this support level, the downward trend could intensify, leading to a deeper decline. For an optimal strategy, investors should monitor the price reaction at these key resistance and support levels to determine the next direction.
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