USD/JPY has experienced a significant downturn, dropping from 161.95 to a low of 141.68. Following this decline, the pair bounced back to 146.36, indicating a period of consolidation within the broader downward trend.
In the coming days, we can expect range trading to occur between 141.68 and 147.70. If the resistance at 147.70 holds firm, it is likely that the downward movement will resume, potentially pushing the price further down toward the 140.00 area after this consolidation phase.
On the upside, if the pair manages to break through the 147.70 resistance level, it would suggest that the decline from 161.95 has concluded at 141.68. In this case, the next target could be around 150.00.
Traders should keep an eye on these critical levels as USD/JPY navigates this current trading range. Understanding these dynamics can help in making informed trading decisions.
ForexInflux
Tuesday, August 06, 2024
USD/JPY Update: Consolidation Phase Underway After Recent Decline
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