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The USD/JPY pair broke through the support level of 145.30 and moved significantly lower, as previously noted, with this break exposing the pair to strong negative pressure targeting 144.35. It reached its lowest level at 143.19 during early trading today.
From a technical perspective, and upon closely examining the 240-minute chart, we see a clear break below the 145.30 support, and the negative intersection of the simple moving averages further supports the likelihood of continued declines.
Therefore, as long as trading remains below the previously broken support, now transformed into resistance at 145.20, the downward trend remains the favored scenario, with an initial target of 142.75.
However, should the price close an hourly candle above 145.30, it may signal a return to the main upward trend, with upward targets at 146.50 and 147.50.
Warning: The level of risk is high and may not align with the expected return.
Warning: We are expecting high-impact U.S. economic data today, including non-farm private sector jobs data, weekly unemployment benefits, and the ISM Services PMI. These events could result in high price volatility.
Disclaimer: Trading in CFDs carries inherent risks. The analysis provided herein is not a recommendation to buy or sell, but rather an interpretation of the current price movement on the chart.
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