KEY SUPPORT IN FOCUS - CAN USDJPY HOLD THE LINE?

May 19

Symbol - USDJPY

USDJPY is approaching a critical support level amid a prevailing local downtrend. Downward pressure on the US dollar continues to intensify, reinforcing the bearish momentum in the pair.

The US dollar index has begun to decline, which is mirrored in the weakening of USDJPY. Selling pressure is gaining momentum, and a local downtrend is clearly forming. The pair is currently testing key support at 144.82. A confirmed break below this level would likely pave the way toward lower support zones at 143.44 and 142.35, Sustained price action below 144.82 may act as a trigger for an extended sell-off.

Key Resistance levels: 145.34, 146.07
Key Support levels: 144.82, 143.44, 142.35

Both global and local trends remain bearish. The ongoing decline in the dollar may serve as an additional resistance factor, contributing to further downward momentum. A break and consolidation below the 144.82 support level would likely confirm the continuation of the bearish trend.

May 20

Trade active

CMP 144.50

Short position active.

May 22

Trade closed: target reached

CMP 142.96

Closed with +154 pips in profit.

May 27

Note

CMP 142.35

Both targets have been reached. +215 pips profit.