After the recent rebound of the US dollar following two quarters of decline, the USD/JPY pair has been on an upward trajectory, forming a series of higher highs on both the 4-hour and daily charts.
However, the recent drop below the 146.515 level and the formation of a new low suggests a potential shift in trend on the 4-hour timeframe from bullish to bearish. This could signal a possible pullback in the short to medium term, with the first short-term target located at the 146.084 level.
The bearish scenario would be invalidated if the price rises above 147.179 and a 4-hour candle closes above that level.
However, the recent drop below the 146.515 level and the formation of a new low suggests a potential shift in trend on the 4-hour timeframe from bullish to bearish. This could signal a possible pullback in the short to medium term, with the first short-term target located at the 146.084 level.
The bearish scenario would be invalidated if the price rises above 147.179 and a 4-hour candle closes above that level.
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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.