FX.co ★ Arma | USD/JPY

USDJPY: I've been examining the USD/JPY currency pair's pricing behavior, and it's worth talking about. Given the possible policy adjustments away from negative interest rates, as Ueda said, I first expected the currency pair to go upward from the support at 161.777. However, the pair declined after Ueda made remarks that implied buyer profit-taking, which led to the removal of buyer stops. I saw no need to keep selling once Ueda confirmed their considerations in August, and I anticipated that the pair would restart growth from the support around 154.927, which is exactly what transpired. I kept a long-term perspective of expansion after breaking from this support, viewing corrections as short-term, and the barrier at 161.777 was probably there. I predict that the pair will rise to its prior peak of 166.247. Against the backdrop of the news, the USD/JPY saw a slight negative decline on Friday before experiencing an upward impulse. A complete bullish candle formed, solidifying itself above the previous daily range maximum. I plan to test the closest resistance levels, concentrating on the resistance levels of 163.097 and 164.067. There are two possible outcomes in the vicinity of these resistance levels. The first entails price consolidation above them and more expansion, with a goal at the resistance level of 166.227. I do, however, recognize that price movement is influenced by the changing news landscape, and I anticipate a possible push to 170.477. A bearish trend that resumes and targets the 160.127 support level is the alternate scenario, which is set off by a burning candle close to the resistance levels. In conclusion, I anticipate that the price will get closer to the closest resistance level the following week, and I will modify my tactics in response to the changing market circumstances.