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USDJPY → False break of support, Yen weakens. 160.0 again?

2024-06-05 10:00 FOREX forecast

💡 Ideas For USDJPY 🇺🇸🇯🇵

📈 USDJPY → False break of support, Yen weakens. 160.0 again?

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USDJPY fell under the correction wave, which was caused by the liquidation of buyers based on the change in the fundamental sentiment of the dollar index. It didn't last long

In general, both technically and fundamentally, the situation remains unfavorable for the Japanese yen. The national currency may continue to weaken and thus test the current ATH.

False breakdown of trend support brings the price back to the range of 155.95-157.23. Possible retest of resistance with the subsequent breakout and growth to the far liquidity zones.

Resistance levels: 157.23, 158.44

Support levels: 155.95, 154.77

The bulls should hold the defense above 155.95 with the aim to continue rising. The intermediate key point is 157.23 with the possibility of further breakout and growth.

R. Linda

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