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30.11.2023 05:34 PM
The USD/JPY pair registered a strong upwards movement and now is located at 148.47 at the time of writing. The rate failed to reach the former low of 146.78, signaling exhausted sellers.
Now, it is almost to reach the downtrend line which represents an upside obstacle. As long as it stays below it, the rate could drop again. The 148.71 former high stands as an upside obstacle as well.
Jumping above the downtrend line and above 148.71 activates an upside reversal. This brings new buying opportunities.
Testing and retesting the downtrend line and staying below it may announce a new downside movement.
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*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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