The USDJPY price reaches the negative target – Forecast today - 03-05-2024
Economies.com
2024-05-03 03:36AM UTC
USDJPY Price Analysis
- The USDJPY price returned to decline strongly, reaching the awaited target at 152.60$.
- This level represents the 38.2% Fibonacci correction level for the entire rise from 140.24 to 160.20.
- Breaking 152.60$ will lead to further losses, targeting the next correctional level at 150.22$.
We suggest continuing the bearish bias in upcoming sessions, with the closest support at the bullish channel’s support line at 151.35$.
Taking into consideration that consolidation above 152.60$ will signal a potential resumption of the main bullish trend.
The expected trading range for today is between 151.50$ support and 154.00$ resistance.
Trend forecast: Bearish
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