USD/JPY is waiting to break the second support 29/11/2023

The USD/JPY pair experienced significant losses, aligning with our expectations and reaching the designated downward correction targets at the price of 146.90, with the lowest recorded level at 146.67.

From a technical perspective today, the negative trend may persist, supported by the downward pressure exerted by the simple moving averages on the price from above. Additionally, the daily trading remains below the 148.40 resistance level.

The potential for a continuation of the downward trend remains valid and effective. A crucial condition for this scenario is the consolidation of prices below 146.70, facilitating the path to the primary target at 146.20.

It is important to note that the consolidation of the price above 147.70 might prompt the pair to initiate a temporary upward movement, aiming to retest 148.40 and 148.80. Traders should monitor these levels for potential trend changes.

Note: Trading on CFDs involves risks. Therefore, all scenarios may be possible. This article is not a recommendation to buy or sell but rather an explanatory reading of the price movement on the chart.

S1: 146.20	R1: 148.40
S2: 145.35	R2: 149.70
S3: 144.10	R3: 150.50