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R.Linda Trading - forecast

USDJPY - The currency pair is preparing to make a new high

2024-02-21 08:52 FOREX forecast

💡 Ideas For USDJPY 🇺🇸🇯🇵

📈 USDJPY - The currency pair is preparing to make a new high

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USDJPY is technically poised to hit a multi-month high. Against the backdrop of a strong dollar, the JPY is losing ground as the Central Bank of Japan is failing or is not going to do its job

snapshot

On D1 we see a global setup, where the fact that the market wants to break through 150.286 - 151.944 becomes quite obvious. Regarding the lower boundary - 150.286, a pre-breakout consolidation is formed and the market is preparing to overcome the boundary.

On H4 the pair is testing the trend support, but at the same time it is forming a wedge on the base of the descending resistance. A local bullish setup is forming on the chart. A break of the pattern resistance could form an impulse to 151.85 and further to 153.

Support levels: 149.5, 148.8

Resistance levels: 151.85, 153.0

I expect growth after the end of consolidation formation. The signal for the growth continuation will be the breakthrough of the "descending wedge" pattern resistance.

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