This article provides an in-depth analysis of the technical outlook for USD/JPY, EUR/JPY, and GBP/JPY, dissecting key resistance and support levels crucial for strategic risk management in position building.
The verbal intervention by the country's chief foreign exchange diplomat suggests that Tokyo is uncomfortable with the yen's extreme weakness and may be considering intervening to shore up the domestic currency, which has depreciated more than 6% against its major peers this year.
Conversely, if bulls reestablish firm dominance and catalyze a meaningful rebound, resistance emerges at 150.85. It's imperative for traders to closely watch this ceiling, as a breakout has the potential to reignite bullish momentum, setting the stage for a rally towards the 152.00 handle.Keen to understand how FX retail positioning can provide hints about the short-term direction of EUR/JPY? Our sentiment guide holds valuable insights on this topic.
On the flip side, if prices stabilize around current levels and take a turn to the upside, overhead resistance awaits around the psychological 164.00 threshold. Overcoming this technical barrier could see the pair extend gains towards 165.50 in short order.Disappointed by trading losses? Equip yourself with knowledge to improve your strategy with our "Traits of Successful Traders” guide. Unlock crucial insights to avoid common pitfalls & costly errors.
On the other hand, if the pair mounts a rebound, resistance appears at 190.20, followed by 191.30, the multi-year peak established earlier this week. Clearing this obstacle might pose a challenge for the bulls based on recent price action, but a successful breakout could fuel a jump toward the 193.00 mark.Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors.
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