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The currency pair is located at 148.95 at the time of writing. After such an impressive rally, we cannot exclude a temporary drop. Still, a correction needs strong confirmation as the bias is bullish.
Fundamentally, the Yen was lifted by the Japanese data today. The BOJ Core CPI and the SPPI came in better than expected. Later, the US CB Consumer Confidence and the New Home Sales represent important events and could bring sharp movements. The indicators are expected to report poor figures compared to the previous reporting period. Poor data could weaken the USD.
As you can see on the H1 chart, the price action developed a Rising Wedge pattern. The rate failed to take out the R2 (149.18) and now it has dropped below the uptrend line.
The R1 (148.77) and the 148.72 former low represent downside obstacles. USD/JPY could resume its growth as long as it stays above these levels.
Dropping and closing below 148.72 is seen as a selling signal.
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।
