USDJPY- ATTEMPTING TREND REVERSAL

Mar 31

Symbol - USDJPY

CMP - 148.87

The USDJPY is currently in a corrective phase, retesting the previously breached downtrend boundary. The market is attempting to break this trend amidst a broader correction of the US dollar.

The dollar is facing significant challenges due to various economic and geopolitical factors in the United States, coupled with persistently high inflation. In light of these conditions, the US dollar Index may continue to experience a deeper correction, as expectations for interest rate cuts could be extended, potentially exerting further pressure on the markets.

Earlier, the currency pair attempted to overcome the resistance of the downtrend and succeeded, yet this move alone is insufficient to confirm a trend reversal; additional confirmation is required.

Support levels: 148.92, 148.21
Resistance levels: 150.16, 150.95

If the bulls manage to maintain support above the 148.92 - 149.5 range, there is a promising opportunity for a potential trend reversal. A move towards the 150.16 resistance level, followed by a breakout and sustained price action above this level, would serve as confirmation of the trend shift.

Apr 2

Trade closed: target reached

First target 150.15 has been reached.

+128 pips in profit.