Categories: Technical analysis

USDJPY Wave Analysis 29 February 2024

– USDJPY reversed from resistance level 151.35

– Likely to fall to support level 147.90

USDJPY currency pair recently reversed down from the powerful long-term resistance level 151.35 (previous yearly high from 2022 and 2023).

The downward reversal from the resistance level 151.35 stopped the previous weekly ABC correction 2 from the end of last year.

Given the strength of the resistance level 151.35 and the resumed yen demand, USDJPY currency pair can be expected to fall further toward the next support level 147.90.

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

Share
Published by
The FxPro Tech Analysis Team
Tags: USDJPY

Recent Posts

Dollar: Slowing Momentum, Same Direction

The dollar has paused its strengthening, as weaker-than-expected inflation data reduces fear of future Fed…

4 hours ago

Bitcoin Fell Back to Local Support

Bitcoin finds support near the 50-day moving average, but further declines in the stock market…

6 hours ago

EURCHF Wave Analysis 20 December 2024

- EURCHF falling inside minor impulse wave 5 - Likely to fall to support level…

3 days ago

USDCHF Wave Analysis 20 December 2024

- USDCHF reversed from resistance zone - Likely to fall to support level 0.8860 USDCHF…

3 days ago

The US dollar ends the year on a strong note

The US dollar is at two-year highs. Factors such as changes in the Fed's monetary…

3 days ago

How deep will crypto dive?

The crypto market is experiencing a decline, with a potential further drop in value. Bitcoin…

3 days ago

This website uses cookies