USDJPY downtrend may continue unabated
eptember 2021, the USDJPY currency pair had broken below a key support level and was undergoing a retest of this area. This price action is often seen as a bearish signal, indicating that the market may continue to trend lower in the near term.
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
The bearish wave that led to the initial break below the support level could be attributed to a variety of factors, such as economic data releases, geopolitical events, or changes in monetary policy. However, without specific information on the context and drivers of this price action, it is difficult to say for certain what caused the initial decline. The ongoing retest of the support level suggests that the market is still uncertain about the direction of the USDJPY currency pair. If the market is unable to break back above the support level, this could reinforce the bearish sentiment and lead to further declines. Traders and investors may want to keep an eye on key levels of support and resistance, as well as any upcoming economic events or announcements that could impact the USDJPY currency pair. It is also important to have a solid risk management plan in place to protect against potential losses in the event that the market moves against your position. Overall, the current price action of the USDJPY currency pair suggests that there is a bearish sentiment in the market, and traders and investors should exercise caution and closely monitor the situation to make informed trading decisions.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore Ltd”. This post has been published only for educational purposes.