FX.co ★ Technical Analysis of Daily Price Movement of USD/JPY Main Currency Pairs, Thursday May 16 2024.

From what can be seen on the daily chart, the main currency pair USD/JPY appears to have a Bearish 123 pattern appearing, even though currently the EMA 20 is still above the EMA 50, this indicates that in the next few days USD/JPY has the potential to be corrected and weaken downwards to test the level of 151.85 if This level has been successfully broken downwards, then the next level that will be aimed at is 149.73 as the main target and if the momentum and volatility are supportive then the level of 146.47 will be the next target that this main currency pair will try to reach, but you need to pay attention and be alert if there is continued strengthening in Especially if USD/JPY manages to break above the 158.30 level, all the weakening correction scenarios that have been described previously will become invalid and automatically cancel itself.

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