Downtrend Extends with Key Support Levels in Focus – Forex Market Analysis – ForexCycle.com
USD/JPY has continued its downside move, falling from 147.20 to as low as 143.18, breaking below the key support at 143.44.
What to Watch Next:
- Continued Downtrend:
- Initial resistance is now at 144.20.
- As long as the price stays below this level, the downward move from 147.20 is expected to continue.
- The next target is around the 142.30 area, with further support at 141.68.
- Upside Potential:
- If the price breaks above the 144.20 resistance, it would signal that the downtrend from 147.20 has ended.
- In this scenario, the next targets would be 145.50, followed by 147.34 resistance.
Conclusion:
USD/JPY remains in a downtrend with potential for further declines toward 142.30 and 141.68 if it stays below 144.20. However, a breakout above 144.20 could shift momentum upward, aiming for the 145.50 and 147.34 resistance levels. Keep an eye on these key levels for the pair’s next moves.
