Forex Trading Library

USD/JPY – 02.07.2024

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As we mentioned last week, USDJPY managed to break above the 160.00-20 resistance zone which kept the uptrend wave going with prices reaching a 161.73 high.
As seen on the chart, the market is facing the first intraday support around 160.90, whereas long as the market holds above, the advance wave could sustain toward 162.00.
Above 162.00, prices could push toward 163.80.
Below 160.90, more of a drop could hit the market with support around 159.75-95 and 158.65.
Traders need to be alert on trading as the USDJPY movement could call for an intervention from BOJ.

LEVEL1 160.90 162.00
LEVEL2 159.75-95 163.80
LEVEL3 158.65 165.00

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