For the last two weeks, USD/JPY has been behaving range-bound, bouncing between support at 150.90 and resistance around 152.00. This implies that a phase of consolidation has begun. In light of this, traders seeking insight on the near-term outlook should watch for either a breakout at 152.00 or a collapse at 150.90.
If there is a positive breakout, there will be a rise to the upper side, with a retest at the 152.00 level before additional gains. On the other hand, should there be a breakdown, sellers might start to reenter the market, which would prepare the way for a decline towards 149.300 on the Daily 72 EMA and then 148.60.
If there is a positive breakout, there will be a rise to the upper side, with a retest at the 152.00 level before additional gains. On the other hand, should there be a breakdown, sellers might start to reenter the market, which would prepare the way for a decline towards 149.300 on the Daily 72 EMA and then 148.60.