💱USDJPY - Correction before further growth

2 de ago. de 2023

USDJPY is strengthening, making a false breakdown of local trend resistance. A correction towards the key support area is being formed, a rebound is likely to follow

TA on the high timeframe:
1) False break of 142.25 may form a rebound to 140.7
2) The price is updating the local maximum, we should not expect a strong fall, as the market has a key target of 144.69, most likely in the medium term we will see growth to this mark.

TA on the low timeframe:
1) A bearish correction is forming. This movement may test both 141.9 and 140.7.
2) There is no talk of a trend change, there is a strong bullish trend on the chart and a smooth transition into consolidation is forming.
3) Locally we have a bullish trend and in our case we should look for support levels to open long positions.

Key support📉: 141.95, 140.73
Key resistance📈:143.00