FOREX Chart Of The Day: USDJPY At Key Reversal Zone

The #USDJPY price is coming into key highs which could act as resistance in the short term. Will the market break lower from here?

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USDJPY Analysis

The price of USDJPY is approaching a key high around the 116.00 zone.  The last time the market reached these highs we saw a sharp sell off in the market which could happen again if the sellers are willing to push the price lower from here.

Fundamentally the USD could remain strong as inflation rose once again today. The JPY has also sold off recently as the risk off mood switches to talk of inflation instead. But despite this we could see the market reverse from the highs.

Looking at the price action we can see that the price is forming a double top pattern on the 4hr time frame which could lead to a reversal if the price was to break the previous 4hr candle low. Alternatively if the price breaks lower on the 15 minute time frame we could look for an earlier opportunity. 

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About The Author

Jonathan Kibbler

Jon Kibbler, our Senior Market Analyst, boasts over a decade of trading experience. He specializes in dissecting the intricacies of financial markets and sharing his expertise with precision. Jon’s insights have been featured at renowned events and platforms like Coindex, Forex Analytix, and Forex.com.

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