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The USD/JPY pair has resumed its recovery after finding support at the crucial psychological level of 159.00 and is now approaching the pivotal resistance of 160.00.
Technical Outlook:
On the 240-minute chart, the 160.00 level appears to be acting as a strong barrier, likely to temporarily limit further upward movement. Additionally, the Stochastic oscillator is nearing overbought territory, suggesting a potential correction.
Potential Correction:
As long as the price remains below 160.00, we may witness a corrective drop towards 159.35 initially, with the possibility of further declines towards 158.90. However, it’s important to note that this correction would not invalidate the overall upward trend.
Upward Potential:
A break above the 160.00 resistance level could reignite the bullish momentum, opening the door for further gains towards 160.40 and 161.00.
Key Levels:
- Resistance: 160.00, 160.40, 161.00
- Support: 159.35, 158.90
Important Note:
Traders should be aware that the risk level remains high and that potential returns may not be proportional to the risks involved. Caution is advised, and risk management strategies should be implemented accordingly.
Disclaimer: This analysis is for informational purposes only and should not be considered as financial advice.
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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