USDJPY → Consolidation before continuing growth

5 days ago

USDJPY is consolidating after strong growth. A promising dollar and weak japanese central bank policy form a medium-term bullish potential in the currency pair



The currency pair returns almost all of the strong fall associated with last year's course of rate cuts in the U.S., rate hikes in Japan and interventions that were actively conducted by the Central Bank of Japan. What was the outcome of all the actions? It was all in vain. The price turned around and almost approached 162.0.
At the moment the emphasis is on consolidation, which has been forming for several weeks. We have clear boundaries, trend and strong levels to use in our trading.

Resistance levels: 158.1
Support levels: 156.74, 155.88

The trigger for me is the resistance at 158.1. A breakout and price consolidation above this level will be a confirmation that we are ready to move further towards ATH. I do not exclude the fact that now the price may not be let in and the currency pair will form a correction to the consolidation support before further growth

Regards R. Linda!