Daily Forex Analysis – USD/JPY
Despite the ongoing recovery, the USD/JPY currency pair lingers beneath the 150.119 mark. The prevailing sentiment for the day remains neutral. A convincing surge above 150.119 may signal the continuation of the overarching bullish trend, potentially pushing the pair to retest the 151.937 level. Conversely, slipping below the 148.244 minor support might pivot the market sentiment towards bearishness, paving the way for a deeper descent toward the 147.284 territory.
Expanding our analysis, the robust ascent from 127.224 has been impressive. Nonetheless, it’s possible that this upswing is just the secondary phase of the corrective pattern that originated from the 2022 peak at 151.937. Should the pair face rejection at the aforementioned high and subsequently breach the 145.064, which once served as resistance and now acts as support, it would indicate the commencement of the pattern’s third leg. But a decisive and maintained thrust above 151.937 would solidify the argument for continuing the long-term bullish trend.
Analysis Summary
The USD/JPY pair navigates below the 150.119 level amidst recovery. A surpass of 150.119 could aim for 151.937, while a drop below 148.244 may signal a deeper decline. The broader view considers the possibility of a corrective pattern from the 2022 peak at 151.937.
Key Points
- USD/JPY hovers below 150.119 during its recovery phase.
- A potential test of the 151.937 level if 150.119 is surpassed.
- A broader perspective weighs the recent ascent against the 2022 high of 151.937.
