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31.08.202311:20 Forex Analysis & Reviews: USD/JPY: exhausted buyers

Exchange Rates 31.08.2023 analysis

USD/JPY Uptrend Line Violated!

The USD/JPY pair retreated a little after failing to stay above the 147.00 psychological level. Now, it continues to pressure the uptrend line which represents a downside obstacle. As long as it stays above the uptrend line, the price could resume its growth.

Technically, staying near the uptrend line may announce strong selling pressure and an imminent breakdown. In the short term, it's trapped between 145.62 and 146.44 levels. So, as long as it stays above 145.62, the USD/JPY pair could resume its growth despite a breakdown below the uptrend line.

USD/JPY Trading Conclusion!

Dropping below 145.62 activates a downside continuation. This may represent a selling opportunity.

*这里的市场分析是为了增加您对市场的了解,而不是给出交易的指示。

Ralph Shedler,
Analytical expert of InstaSpot
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