RLinda ! USDJPY-> Waiting for resistance breakdown

6 oct 2022

We see a slight decline in the dollar index and thus a reaction of the currency market, but with the USDJPY the story is different. There is a resistance level of 144.78 on the chart, relative to which we saw a shakeout last week against the background of the news release. The price tested the support at 142.736, but it did not go back down.

The global chart gives us a glimpse of two serious resistance levels, which can turn the price around quite strongly. The first and the nearest one is 146.79, and the second one is 159.35. These zones were formed in the 90's. After the distributive growth, formation of correction should be expected. The support zone 134.00 will be the target in this case.

I assume that on the local timeframes, a breakdown of resistance should be expected, as the major players are obviously interested in the area of 144.78 - 147.67, the price has stuck to the level from below and is pressing down, forming an upward trend. I expect a breakdown of the limit resistance and growth of the price to 147.67

Regards R. Linda!