USDJPY: Sell now?
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Hello dear friends, are you curious about the direction of USDJPY today?
At the beginning of Friday, the USDJPY pair showed a slight decline, pausing its strong upward momentum when encountering resistance near the record high level. The Japanese Yen strengthened after the release of Japan's consumer inflation data. Uncertainty about the future policy steps of the Bank of Japan could hinder further price increases. The modest decline of the US Dollar is causing some pressure, although weaknesses are somewhat contained.
Looking ahead: Technical analysis charts indicate the formation of a double top pattern. In this scenario, the SELL strategy will be prioritized, targeting 150.70 and then 149.21 respectively.
At the beginning of Friday, the USDJPY pair showed a slight decline, pausing its strong upward momentum when encountering resistance near the record high level. The Japanese Yen strengthened after the release of Japan's consumer inflation data. Uncertainty about the future policy steps of the Bank of Japan could hinder further price increases. The modest decline of the US Dollar is causing some pressure, although weaknesses are somewhat contained.
Looking ahead: Technical analysis charts indicate the formation of a double top pattern. In this scenario, the SELL strategy will be prioritized, targeting 150.70 and then 149.21 respectively.
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