USDJPY: promising sell
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Overall, USDJPY is opening up a huge liquidity zone from the 149.00 mark. It is currently trading in a range around 151.85-150.98, after hitting 151.87, highlighting a 0.04% decline on the day.
USD/JPY extended its consolidation period below 151.50 during the Asian session on Tuesday. Fears that Japanese authorities will intervene in the foreign exchange market to support the Japanese Yen acted as a drag on the pair, along with a generally weaker US Dollar.
The UJ market is quite calm, so we need to calmly wait for it to completely break above resistance or below support. According to statistics, the strongest fluctuations occur when the price has just exited the consolidation period. In case the price holds the 151.00 support level we can expect a buying scenario. While a quick test of this support, and a breakout, would result in a significant decline in price, towards the targets as mentioned and a retest of the 34.89 EMA.
Fundamentally and technically, the USDJPY market is showing weakness so we can expect a negative scenario at the moment.
Overall, USDJPY is opening up a huge liquidity zone from the 149.00 mark. It is currently trading in a range around 151.85-150.98, after hitting 151.87, highlighting a 0.04% decline on the day.
USD/JPY extended its consolidation period below 151.50 during the Asian session on Tuesday. Fears that Japanese authorities will intervene in the foreign exchange market to support the Japanese Yen acted as a drag on the pair, along with a generally weaker US Dollar.
The UJ market is quite calm, so we need to calmly wait for it to completely break above resistance or below support. According to statistics, the strongest fluctuations occur when the price has just exited the consolidation period. In case the price holds the 151.00 support level we can expect a buying scenario. While a quick test of this support, and a breakout, would result in a significant decline in price, towards the targets as mentioned and a retest of the 34.89 EMA.
Fundamentally and technically, the USDJPY market is showing weakness so we can expect a negative scenario at the moment.
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What do you think about USDJPY's next trend?
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