HomeContributorsTechnical AnalysisUSD/JPY Testing 148 Resistance, Higher One is at 150

USD/JPY Testing 148 Resistance, Higher One is at 150

Notice that USDJPY made a sharp drop from 2022 highs, a clear impulse that suggests we have a top in place of a higher degree wave V. As such, the current rise from 126 can be temporary, but it s a complex and deep movement but can be corrective still. Looking at the daily charts; the important key Fib resistance is at 78.6%, while the important channel line stands near 142.00 which certainly has to be broken for a bearish trend.

Looking at the 4h time frame, this can be an ongoing fifth wave of a fith that is now at frist resistance at 148, while second higher protection is at 150, which can be tested if price move will extend. So in both cases keep in mind that this five-wave rise from 137.00 can come to an end and that sooner or later bears will show up with a minimum three-wave bearish reversal.

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