In yesterday’s trading session, the USD/JPY pair experienced significant downward pressure, breaching the support line of a bearish flag pattern and closing below it on the daily candlestick chart. This development has nullified the bullish momentum, reinforcing expectations for a continued bearish trend. Analysts are now eyeing a potential decline towards the next target level at 151.10.
Market analysts are maintaining a bearish outlook for the near-term, citing support from the EMA50 indicator. However, they caution that a break above 153.65, followed by 154.35, could invalidate the bearish scenario and initiate attempts to establish a bullish wave over the intraday timeframe.
Looking ahead, the anticipated trading range for today is projected between support at 151.90 and resistance at 153.40.
This analysis highlights the current downward momentum in the USD/JPY pair, supported by technical indicators and recent price action. Traders are advised to monitor key levels closely for potential shifts in market sentiment.
