Daily Forex Analysis – USD/JPY
For now, the intraday sentiment surrounding USD/JPY remains rather neutral, suggesting possible sideways action in the near term. A descent below 147.32 may tilt the scales bearish, signaling a more profound pullback. However, it’s essential to recognize that any indication of a bearish trend reversal remains unconfirmed until a decisive breach below the 144.47 support level. Conversely, a potential upswing still seems plausible, with a move past 150.19 potentially aiming to challenge the 151.97 peak.
The robust ascent from 127.24 could be interpreted as a segment of the corrective pattern that originated from the 151.97 pinnacle in 2022. A rejection at this high, succeeded by a stable descent through the 145.10 resistance-turned-support, might be our first hint that the pattern’s third leg is commencing. Nevertheless, if the pair consistently surpasses 151.97, it would solidify the notion of a continued long-term bullish trend.
Analysis Summary
USD/JPY’s intraday position remains neutral, potentially oscillating sideways. A slide below 147.32 could indicate a deeper retracement, yet the 144.47 support is pivotal. The long-term view hinges on responses near the 151.97 mark from 2022.
Key Points
- Neutral stance for USD/JPY, with a watchful eye on 147.32.
- A breach below 144.47 is essential for bearish trend confirmation.
- Long-term outlook debates between a corrective pattern or trend resumption.
