USD/JPY Update: Decline and Potential for Recovery

The USD/JPY currency pair has seen a notable decline, dropping from 149.36 to a low of 144.45. As long as the resistance level at 147.34 remains intact, there’s a possibility for further declines, with the next target set around 143.60.

However, it’s important to note that this drop from 149.36 is likely just a correction in the broader uptrend that began at 141.68. After this correction phase, we can expect another upward movement.

The initial resistance to watch is at 147.34. If this level is broken, it could indicate a resumption of the uptrend that started from 141.68, setting the next target back at the resistance of 149.36. Should it surpass this level, we might then aim for the 152.00 area.

by ForexInflux