USDJPY Market Analysis: Break Below and Potential Targets

USDJPY’s recent move breaking below key levels has set the stage for likely future moves as identified by key markers.

Breaking Below the Rising Channel and Key Support

USDJPY has pierced through the bottom of the ascending price channel on a 4-hour chart, and notably below the key support level at 146.64. This seems to imply that the uptrend that commenced from 140.25 has already reached maturity at 148.80.

Next Moves: Further Decline Anticipated

In the forthcoming days, we might see USDJPY continue its decline. The next target for the pair is pegged at the 144.50 mark.

Immediate Resistance and Possible Rise

The immediate resistance for the currency pair stands steadfast at 147.95. A breakthrough above this level could spark another rally aiming to retest the 148.80 resistance level. A successful ascension past this level might set the pair on a trajectory towards 150.00.

To summarize, after breaking below the rising channel and a crucial support level, USDJPY could be heading for a further decline, with 144.50 as the next target. However, if it breaches the 147.95 resistance level, a retest of the 148.80 resistance level could be on the cards, potentially even aiming for 150.00.