The USDJPY price experienced a sharp decline yesterday, reaching our newly extended target at 142.00. Following this drop, the price saw a strong rebound towards the key resistance level of 145.35, signaling a potential recovery from the negative pressure that has been present since hitting a historic high of 161.94.
While the uptrend is attempting to breach the resistance at 145.35, the bearish scenario remains valid as long as this level holds. If the resistance is broken, we may see the price target the recent low of 140.24. However, a successful breach of 145.35 could lead to further gains, with targets at 146.50 and 148.53.
The projected trading range for today is expected to be between the support at 144.00 and resistance at 146.00.
Trend forecast: Bearish
### Additional Insight:
– Traders should closely monitor the key resistance level at 145.35 for any potential breakout, as it could signify a shift in market sentiment.
– The recent rebound from the lows indicates possible buying interest in the USDJPY pair, but caution is advised until a clear breakout is confirmed.
– It is essential to keep an eye on market developments and economic indicators that could influence the USDJPY pair’s direction in the coming sessions.
