The USDJPY has continued its downward movement, dropping from 147.20 to a low of 139.57. Currently, the pair is moving within a falling price channel on the 4-hour chart.
Current Downtrend Outlook
As long as the channel resistance remains intact, we can expect the downtrend that started from 147.20 to persist. A breakdown below the 139.57 support level could trigger a further decline towards the 137.50 area.
Key Support and Resistance Levels
- Initial Support: The immediate support to keep an eye on is at 139.57. A breach of this level could lead to the anticipated move down to 137.50.
- Initial Resistance: On the upside, resistance begins at 141.30. If the price manages to break this level, it could test the channel resistance, which would indicate that the move down from 147.20 has likely concluded at 139.57.
In that case, the next targets to monitor would be around 143.04, followed by 144.05.
Understanding these key levels can help traders navigate the USDJPY landscape more effectively.