USDJPY Update: Will the Downtrend Continue?

The USDJPY pair has been making some interesting moves on the 4-hour chart. After breaking out of the falling price channel, it seemed like the pair was ready to turn things around. However, it quickly hit resistance at 155.21 and dropped back down to 152.41.

This move suggests that the pair is still stuck in a downtrend, which started at 151.95. So, what's next? We're likely to see the pair test the 151.93 support level later today. If it breaks below this level, get ready for a further decline to 150.90, and possibly even 150.00.

But, if the pair can break above the key resistance level at 155.21, it could be a sign that the downside move from 161.95 has finally come to an end. In this case, we could see the pair make a move towards 155.80, followed by the 158.00 area.

Keep an eye on these levels and see how the USDJPY pair plays out!

ForexInflux