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HomeLatestUSDJPY Price Draws Negative Pattern: Forecast for July 8, 2024
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USDJPY Price Draws Negative Pattern: Forecast for July 8, 2024

USDJPY Price Analysis

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The USDJPY price continues to exhibit a pronounced bearish bias, targeting the initial support level at 160.20$. Upon closer examination of the chart, it reveals the completion of a head and shoulders pattern, signaling potential for further bearish correction in the upcoming trading sessions. The next anticipated target lies at 159.10$, marking a critical level for the continuation of the negative trend.

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Expectations are for continued downward movement on an intraday basis, contingent upon the price breaking below 160.20$. Should this level be breached, it would likely pave the way for a descent towards the next support area at 159.10$.

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However, the scenario could shift if the price consolidates around 160.20$, resisting the prevailing downward pressure. A bullish bounce that surpasses 160.70$ could signal a reversal, prompting a return to the primary bullish trend.

Expected Trading Range

The expected trading range for today is between a support level of 159.50$ and a resistance level of 160.90$.

Trend Forecast: Bearish

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