USD/JPY Pauses Around 152: Waiting for a Correction
On the USD/JPY chart, I see that the price is currently trading sideways between two clear support and resistance levels. With the EMA 34 and EMA 89, the short-term uptrend remains intact as long as the price is above these two moving averages.
Support: I am looking at the 152.260 area, which is a strong support area and could be where the price could bounce if there is a correction.
Resistance: The 153.000 – 153.500 level is the resistance area that I will be watching closely. Selling pressure is likely to appear here, leading to a short-term correction.
My prediction is that the price will likely decline when it reaches the above resistance area, then return to test the 152.260 support area. However, if the price breaks the resistance zone, I believe that a stronger uptrend will continue, with a higher target for USD/JPY.
Therefore, I will wait for the price to pull back to the support zone to consider buying, or wait for the price to break the resistance zone to confirm the uptrend before entering the order.
Support: I am looking at the 152.260 area, which is a strong support area and could be where the price could bounce if there is a correction.
Resistance: The 153.000 – 153.500 level is the resistance area that I will be watching closely. Selling pressure is likely to appear here, leading to a short-term correction.
My prediction is that the price will likely decline when it reaches the above resistance area, then return to test the 152.260 support area. However, if the price breaks the resistance zone, I believe that a stronger uptrend will continue, with a higher target for USD/JPY.
Therefore, I will wait for the price to pull back to the support zone to consider buying, or wait for the price to break the resistance zone to confirm the uptrend before entering the order.
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