💡USDJPY - Weekly Technical Analysis Update

25 Dis 2022

Midterm forecast:
While the price is below the resistance 141.696, resumption of downtrend is expected.
We make sure when the support at 130.351 breaks.
If the resistance at 141.696 is broken, the short-term forecast -resumption of downtrend- will be invalid.
We will close our open trades, if the Midterm level 141.696 is broken.

Technical analysis:
While the RSI resistance #1 at 55 is not broken, the probability of price increase would be too low.
A peak is formed in daily chart at 138.175 on 12/15/2022, so more losses to support(s) 131.500 and minimum to Major Support (130.351) is expected.
Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
Relative strength index ( RSI ) is 36.

Take Profits:
145.094
141.696
139.340
137.355
134.672
131.500
129.442
126.409
121.271

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