Today, 04-07-2024 – The USDJPY price has departed from its bullish channel, signaling a shift in market sentiment. It has now settled below the previously breached support line, reinforcing expectations of a bearish correction in the near term. Analysts anticipate the price may target 160.20 initially, with further downside towards 159.10 upon breaking below this level.
Market observers caution that sustained trading below 161.65 is crucial for maintaining this bearish outlook. A breach of this resistance level could prompt a reversal, potentially returning the price to its previous bullish trajectory.
Traders are advised to monitor the expected trading range, which spans between support at 160.50 and resistance at 162.00. This range will likely dictate the near-term price action, influencing trading strategies in the upcoming sessions.