USDJPY / Consolidation with Potential for Bullish Continuation
Market Consolidation and Key Levels:
The price has broken the all-time high and stabilized above it. As long as it trades above 159.820, it will remain in the bullish zone, targeting 161.800.
The price has broken the all-time high and stabilized above it. As long as it trades above 159.820, it will remain in the bullish zone, targeting 161.800.
- Bullish Scenario:
For the bullish trend to persist, the price must stabilize above 159.820, with an aim towards a target of 161.800. - Bearish Scenario:
A downtrend will be confirmed if the price stabilizes below 159.820, potentially reaching 159.110. - Key Levels:
- Pivot Line: 159.820
- Resistance Levels: 160.500, 161.300, 161.850
- Support Levels: 159.220, 158.800, 157.980 - Summary:
The market is currently in a consolidation phase between 159.820 and 158.800. A break above 159.820 signals a bullish continuation towards 161.700, while stability below 158.800 indicates a potential decline to 157.970.
In summary, the key level to watch is 159.820. A move above this level confirms bullish momentum, while a drop below 158.800 suggests further downside potential.
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