The USD/JPY pair experienced a significant decline yesterday, surpassing previously forecasted negative targets at 160.35 and 159.25, touching the support line of its bullish channel as depicted on the chart. This support level demonstrated strong consolidation against recent downward pressure, further supported by positive signals from the RSI indicator.
As a result, analysts believe there are viable opportunities for the establishment of a new bullish trend in the short to intraday term. According to channel trading principles, the price is anticipated to target upward objectives beginning at 160.30, with potential extensions towards 162.00 as subsequent bullish milestones. However, a breach below 157.95 would invalidate this upward projection, potentially leading to a bearish correction in the longer term.
Today’s projected trading range spans between support at 158.50 and resistance at 161.50.
Trend Forecast: Bullish
