USD/JPY may start a corrective decline 17/11/2023

As outlined in the previous report, the anticipated upward trajectory for the USD/JPY pair underwent a reversal, deviating from the initial expectation of maintaining stability above 145.50.

From a technical perspective, the pair has initiated pressure on the 145.50 support level, accompanied by the emergence of negative crossover signals on the simple moving averages. These signals align with the indications from the Relative Strength Index (RSI), which reflects negative sentiment.

As a result, there is now potential for a bearish correction in the upcoming hours, with initial targets set at 150.05 and subsequently 149.55, representing a crucial point in the anticipated downward movement.

Conversely, a return to trading stability above 151.00, and more importantly, 151.20, would promptly quell the prospects of a decline. The pair would regain its upward trajectory in such a scenario, targeting 151.75 and beyond.

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: 150.05	R1: 151.20
S2: 149.55	R2: 151.85
S3: 148.90	R3: 152.35