The USDJPY pair has recently departed from its upward trajectory, marking a notable shift in market sentiment. Breaking below the support line of its bullish channel, the daily candlestick closed beneath this crucial level. This development initiates a bearish correction phase following the previous climb from 140.24 to 161.94, with initial downside targets set around 156.82. Further breaches of this support level could potentially deepen the losses over the longer term.
Market analysts are suggesting a continuation of the bearish trend in upcoming trading sessions, contingent on a pivotal breach of 158.30. Such a move would disrupt the current downward trajectory, potentially realigning the pair with its predominant bullish trend.
Today’s expected trading range is anticipated to fluctuate between support at 156.95 and resistance around 158.70, providing a key framework for traders navigating the current market dynamics.
