FX.co ★ remington.kihn | USD/JPY

USD/JPY Н4 Murrey Levels.

The resistance at the 4/8 level did not allow further upside continuation, resulting in a southern direction. The moving average is currently poised to support the downside, indicating its downward direction. This kind of setup suggests that prices may now head towards the 3/8 support level, where things will get more interesting. Because if they break below this level and establish below it, according to the rules of these levels, the pair will fully come under the bears' control. Therefore, selling below is the priority. Of course, there is a possibility of bounces from the supports to the upside, so traders should proceed with caution.