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USD/JPY Technical Analysis: Consolidation And Key Levels To Watch

Aug 05, 2024Finance0

Image Source: PixabayThe USD/JPY pair has seen significant movement recently, extending its decline from 161.95 to a low of 141.68. However, a subsequent bounce to 146.36 suggests that the pair is currently in a consolidation phase. Here’s what to watch for in the coming days:

Key Levels and Scenarios
 Consolidation Phase:

  • The pair is likely to trade within the range of 141.68 to 147.70.
  • As long as the 147.70 resistance holds, the downtrend could resume.

    • Bearish Scenario:

  • If the pair fails to break above 147.70, a further decline towards the 140.00 area is possible after the consolidation phase.

    • Bullish Scenario:

  • A breakout above the 147.70 resistance would indicate that the downtrend from 161.95 has completed at 141.68.
  • The next target on the upside would be the 150.00 area.

    • Conclusion
     The USD/JPY pair is in a critical consolidation phase, trading between 141.68 and 147.70. A breakout above or below these levels will likely determine the next significant move. Traders should stay vigilant and watch for any signs of a breakout to position themselves accordingly.More By This Author:GBP/USD Analysis: Potential For Strength Despite Recent Rate Cut
    EUR/USD Technical Analysis: Short-Term Resistance And Support Levels
    USD/CHF Technical Analysis: Downtrend Persists As Pair Fails To Break Key Resistance

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