USDJPY touched 148 this morning ahead of US PMI.
According to methodology
1. Resistance Zone:
• The 0.125 level (147.820) acted as a resistance point where selling pressure overwhelmed buying pressure, causing the price to reverse downward. Since the price reached 148.000 (just above 147.820), it tested and failed to sustain above this level, reinforcing its role as a barrier.
2. Daily Support
•The daily support trend line (yellow box) has been an area to watch as price continues to try and get over the 148 hump. Until then, this pair is going to wedge until a break confirmation.
According to methodology
1. Resistance Zone:
• The 0.125 level (147.820) acted as a resistance point where selling pressure overwhelmed buying pressure, causing the price to reverse downward. Since the price reached 148.000 (just above 147.820), it tested and failed to sustain above this level, reinforcing its role as a barrier.
2. Daily Support
•The daily support trend line (yellow box) has been an area to watch as price continues to try and get over the 148 hump. Until then, this pair is going to wedge until a break confirmation.
Trade closed: target reached
Closed 143.8 at the trend line!New updated sells here!
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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.