Since early May, I’ve been highlighting the 142 support zone on USDJPY as a potential reversal area — with a suggested upside target at 146.
The market respected this level twice, reversing from 142 and rallying past 146 both times.
However, last week’s move into 146 was sharply rejected, forming a strong daily Pin Bar exactly at resistance — a classic sign of exhaustion.
Now, price is rolling back toward support, and after multiple tests of the 142 zone, we may be very close to a downside break.
🧩 Add to this the fact that DXY also looks ready to break lower, and the probability of a USDJPY fall increases even more.
📉 Trading Plan:
Sell rallies, with invalidation above 146, and a target at 137, aiming for a 1:2 risk-reward setup.
Disclosure: I am part of TradeNation's Influencer program and receive a monthly fee for using their TradingView charts in my analyses and educational articles.
The market respected this level twice, reversing from 142 and rallying past 146 both times.
However, last week’s move into 146 was sharply rejected, forming a strong daily Pin Bar exactly at resistance — a classic sign of exhaustion.
Now, price is rolling back toward support, and after multiple tests of the 142 zone, we may be very close to a downside break.
🧩 Add to this the fact that DXY also looks ready to break lower, and the probability of a USDJPY fall increases even more.
📉 Trading Plan:
Sell rallies, with invalidation above 146, and a target at 137, aiming for a 1:2 risk-reward setup.
Disclosure: I am part of TradeNation's Influencer program and receive a monthly fee for using their TradingView charts in my analyses and educational articles.
Trade active
Usdjpy rose around 144.As I explained, my strategy is to sell rallies
📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.