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The USD/JPY pair experienced sharp losses in the previous session, reaching a low of 157.42. However, the technical outlook suggests a potential rebound with cautious optimism.
Technical Outlook:
Despite the recent losses, the pair managed to find support around the 158.00 level, preventing further downside. Additionally, the 14-day momentum indicator is showing positive signals, indicating potential upward momentum.
Upward Potential:
If the 158.00 support level holds, we may witness a rebound in today’s trading session. The initial target for this upward movement is 160.30, with the possibility of further gains towards 161.40.
Downside Risks:
Traders should remain vigilant, as a break below 158.00 could invalidate the bullish scenario and trigger a continuation of the downward trend. In this case, the pair could target 157.10.
Key Levels:
- Resistance: 160.30, 161.40
- Support: 158.00, 157.10
Important Note:
The release of high-impact U.S. economic data today, including monthly producer prices and the preliminary reading of consumer confidence issued by the University of Michigan, could induce significant price volatility. Traders are advised to closely monitor the market’s reaction to these data releases.
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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