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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.

*Phân tích thị trường được đăng tải ở đây có nghĩa là để gia tăng nhận thức của bạn, nhưng không đưa ra các chỉ dẫn để thực hiện một giao dịch.

Ralph Shedler,
Analytical expert of InstaSpot
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