The USD/JPY chart is currently bullish, suggesting the potential for the upward trend to continue towards the 1st resistance level. The 1st support at 138.95 and the 2nd support at 137.54 act as overlap supports that could trigger a rebound. However, if the bullish momentum persists, the price may face resistance at the 1st resistance level of 140.92, coinciding with the 50% Fibonacci retracement and serving as an overlap resistance, potentially limiting further upward movement and prompting selling activity.
The material has been provided by InstaForex Company – www.instaforex.com
The USD/JPY chart is currently bullish, suggesting the potential for the upward trend to continue towards the 1st resistance level. The 1st support at 138.95 and the 2nd support at 137.54 act as overlap supports that could trigger a rebound. However, if the bullish momentum persists, the price may face resistance at the 1st resistance level of 140.92, coinciding with the 50% Fibonacci retracement and serving as an overlap resistance, potentially limiting further upward movement and prompting selling activity.
The material has been provided by InstaForex Company – www.instaforex.com
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