Is USDJPY Ready For A Small Correction Lower?
Looking at the technical picture of 
USDJPY on our daily chart, we can see that, overall, the pair is still trading above a medium-term upside support line drawn from the low of March 24th. Lately, the rate has been seen distancing itself from that line. That said, from around the end of October, USDJPY has been noticed trading in a short-term range, which is roughly between the 148.80 and 151.72 levels. At the time of writing the pair is breaking below the lower bound of that range, signaling a potential correction lower.
If we look out our short-term outlook, we will see that there is a possibility for a larger correction lower, especially if the rate stays below the lower side of that range for a while. This might clear the path towards the 147.30 zone, or the previously discussed upside line. If that line remains intact, this may attract the bulls back into the field, as they could take advantage of the lower rate.USDJPY might once again accelerate to the 148.80 hurdle, or the 151.72 area, which is near the upper side of the short-term range.
Alternatively, a break of the medium-term trendline could result in further declines, as such a move might spook the bulls from entering the field for a while, due to a possible change of the trend.USDJPY may end up sliding to the 144.54 obstacle, or even the 141.55 level. That level marks the lowest point of August.
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Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. easyMarkets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
USDJPY on our daily chart, we can see that, overall, the pair is still trading above a medium-term upside support line drawn from the low of March 24th. Lately, the rate has been seen distancing itself from that line. That said, from around the end of October, USDJPY has been noticed trading in a short-term range, which is roughly between the 148.80 and 151.72 levels. At the time of writing the pair is breaking below the lower bound of that range, signaling a potential correction lower. If we look out our short-term outlook, we will see that there is a possibility for a larger correction lower, especially if the rate stays below the lower side of that range for a while. This might clear the path towards the 147.30 zone, or the previously discussed upside line. If that line remains intact, this may attract the bulls back into the field, as they could take advantage of the lower rate.
USDJPY might once again accelerate to the 148.80 hurdle, or the 151.72 area, which is near the upper side of the short-term range.Alternatively, a break of the medium-term trendline could result in further declines, as such a move might spook the bulls from entering the field for a while, due to a possible change of the trend.
USDJPY may end up sliding to the 144.54 obstacle, or even the 141.55 level. That level marks the lowest point of August.Disclaimer:
easyMarkets Account on TradingView allows you to combine easyMarkets industry leading conditions, regulated trading and tight fixed spreads with TradingView's powerful social network for traders, advanced charting and analytics. Access no slippage on limit orders, tight fixed spreads, negative balance protection, no hidden fees or commission, and seamless integration.
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. easyMarkets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
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