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USDJPY Finds Support Amidst Bullish Rebound – Forecast for July 9, 2024

by Daisy

The USDJPY exchange rate has shown resilience with a bullish rebound observed from the 160.20 level, testing resistance at 161.00 and stabilizing around this mark. Analysts note the persistence of a head and shoulders formation, suggesting potential for further bearish correction in forthcoming trading sessions.

Key to the price action will be a decisive break above the 161.00 resistance level, which could pave the way for a rally towards the next target at 159.10$. Conversely, a breach of support at 160.00 may signal renewed downward pressure.

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Currently, the expected trading range is between support at 160.00 and resistance at 161.60, indicating a cautious market sentiment as traders await further directional cues.

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