USD/JPY Trend 21/11

After a long-awaited period, the consolidation of the USD/JPY has finally started following multiple rejections at 152. Since USD/JPY left the S-T uptrend channel(1) the day before yesterday, the selling officially began at the European session yesterday when it dropped below the 149 support level. The targets to the downside are at 100 MA(3) and the bottom of the upward channel (2), both standing near 146.5. There is expected to be strong support around 146.5, and it is critical to keep an eye on the release of the Fed. Minutes later today. If the minutes contain any hints of an early completion of interest rate hikes, there is a chance for further downside movements in the pair. The key is to break below channel(2). If that happens, the uptrend originating from 127 will come to an end, and the USD/JPY may drop further toward 139.5 or even lower.

S-T Resistances:
149.5
149
148.2

Market price: 147.46

S-T Supports:
147.2
146.8
146.5

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Commento:

USD/JPY rallied right before the release of the Fed. Minutes, getting very close to the bottom support of the uptrend channel. An S-T reversal signal(1) has appeared, just like before. Aiming the pair to rebound for now, targeting the 50 MA.