USDJPY | Daily Chart | Deciphering Consolidation Patterns, BOJ Dynamics, and Market Trends | FOREX
Hi, traders; thanks for tuning in for today’s update. Today, we are looking at the USDJPY on the daily chart.
Simple story today: will the current price consolidation break higher (with trend) or break lower, setting off distribution? We find it’s important to break down patterns in the process and not just after they confirm or start to confirm so you can map out an action plan depending on what happens next with price.
Today’s focus: USDJPY
Pattern – Consolidation (Bullish?)
Support – 149.84
Resistance – 150.81, 151.745
USDJPY Analysis: Consolidation Patterns, BOJ Dynamics & Trends
Due to the situation with the BOJ, moves higher could set off intervention worries, and we also have Fed testimony and NFP this week for the USD.
Good trading.
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