The USDJPY pair experienced a decline in recent sessions, nearing the projected downside target of 156.82. However, a bullish bounce at today’s opening has steered the price back into the upward channel visible on the chart. This resurgence suggests a potential return to the overarching bullish trend, aiming initially for gains starting at 159.65 and potentially extending up to 160.45.
The outlook for today indicates favorable trading conditions, contingent on the price maintaining momentum above key support levels. Notably, a break below 158.30 could halt the upward momentum, exposing the pair to corrective bearish pressures.
Today’s anticipated trading range spans between support at 158.00 and resistance at 159.50, providing a framework for market participants to gauge potential movements.
