USD/JPY Near Key Resistance – Potential Pullback Ahead
USD/JPY is currently moving within a rising wedge pattern, nearing a critical resistance level around 156.5. Recent price action suggests the pair is on an upward trajectory, but a potential pullback towards the support zone between 154 and 155 could occur before any further rally.
Technical indicators hint at consolidation as the price approaches resistance, indicating that buyers may face challenges in sustaining the momentum. Traders are closely watching this area; a breakout above 156.5 could pave the way for additional gains, while a drop below the support zone may lead to a more extended correction.
This level will be crucial for USD/JPY’s short-term outlook, as a decisive move in either direction could define the upcoming trend.
Technical indicators hint at consolidation as the price approaches resistance, indicating that buyers may face challenges in sustaining the momentum. Traders are closely watching this area; a breakout above 156.5 could pave the way for additional gains, while a drop below the support zone may lead to a more extended correction.
This level will be crucial for USD/JPY’s short-term outlook, as a decisive move in either direction could define the upcoming trend.
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