USDJPY : Discounts when the dollar weakened for other competitor
Dear friends, just as we anticipated, the USDJPY pair has declined to the support level at 147.84, signaling the onset of accumulation. The formation of a cup pattern in this scenario suggests a potential upward correction; however, this is not expected to last long as market anticipation of an imminent rate cut could weaken the USD, thus limiting USDJPY's recovery.
Should the pair touch the Fibonacci retracement levels of 0.5 to 0.618 (approximately 148.700), we might see a continuation of the downtrend. The selling faction's target for this movement is set at 146.34. Wishing you all profitable and smooth trading ahead.
Should the pair touch the Fibonacci retracement levels of 0.5 to 0.618 (approximately 148.700), we might see a continuation of the downtrend. The selling faction's target for this movement is set at 146.34. Wishing you all profitable and smooth trading ahead.
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