Yesterday, the USDJPY pair experienced a significant downturn, surpassing previously forecasted negative targets of 160.35 and 159.25. The price touched the support line of a bullish channel depicted on the chart, demonstrating robust consolidation against recent downward pressure. Concurrently, positive signals were observed on the RSI indicator.
In light of these developments, analysts anticipate favorable conditions for a new bullish trend in the short-term and intraday periods. Following established channel trading guidelines, the price trajectory suggests a potential climb towards initial targets starting at 160.30, with further upside potential extending to 162.00. However, breaching the support level at 157.95 would negate this outlook, potentially initiating a bearish correction over the longer term.
Today’s projected trading range spans from a support level of 158.50 to a resistance level of 161.50, indicating continued volatility in USDJPY trading.
