Deep Downtrend and Potential Reversal Point
Updated
The current USD/JPY chart shows a significant break out of the bullish channel that has been maintained for the past several months, with the price now falling below both the 34 and 89 EMAs, a clear indicator of a change in market sentiment from buying to selling. The break also occurred below a key support level, signaling that the downtrend could continue. Currently, the price is sitting at around 149.940, close to a key support level that could be a watch point for a potential reversal or further decline.
In the short term, I expect USD/JPY to continue its downtrend if it fails to stabilize at the current support level. If the price fails to hold above this level, I could see a deeper decline towards 148.000. However, a bounce above the EMAs could indicate a potential reversal, creating a buying opportunity for me. I will monitor the market movements and adjust my trading strategy in time to react to new signals.
In the short term, I expect USD/JPY to continue its downtrend if it fails to stabilize at the current support level. If the price fails to hold above this level, I could see a deeper decline towards 148.000. However, a bounce above the EMAs could indicate a potential reversal, creating a buying opportunity for me. I will monitor the market movements and adjust my trading strategy in time to react to new signals.
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