Daily Forex Analysis – USD/JPY
In the Daily Forex Analysis for the USD/JPY pair, the current Intraday Outlook points to a neutral position, consolidating just beneath 146.56. A maintained surge beyond the 61.8% projection, evolving from 129.63 to 145.06, and commencing from 137.23 at 146.78, might open avenues to reapproach the 151.93 peak. Notwithstanding, with the evident bearish divergence in the 4H MACD, a solid decline below 143.89, previously resistance now turned support, would be indicative of a trend reversal. This would potentially shift the perspective to bearish, aiming for the 55 D EMA stationed at 141.79.
Expanding on the Daily Analysis, movements emerging from the 151.93 high during 2022 can be interpreted as a correction phase. The uptrend starting from 127.20 is presumed to be this corrective pattern’s second wave, which may not have concluded. Even if this ascent persists, robust resistance around 151.93 is expected to contain further bullish momentum. However, if the 137.23 support is compromised, it could verify the onset of the third descending wave, possibly targeting the 127.20 troughs of 2023 and even deeper regions.
Analysis Summary
Today’s Daily Forex Analysis of USD/JPY highlights neutral consolidation beneath 146.56. A potential move upwards may challenge the 151.93 high, yet bearish cues could indicate a shift toward141.79. In the wider context, current price movements trace a correction pattern from 2022’s apex.
Key Points
- Consolidation below 146.56 with the potential to revisit 151.93.
- Bearish divergence in 4H MACD suggests a possible downside.
- Broad perspective: Corrective pattern emerging from 2022’s 151.93 peak.
