The USD/JPY pair approached the critical barrier at 148.00 on the previous Friday but has commenced today’s trading session with a clear decline, placing significant pressure on the pivotal support level at 146.55. This downward movement is indicative of an impending decline in the upcoming trading sessions. The bearish sentiment is further bolstered by the evident negativity displayed by the stochastic oscillator, reinforcing the potential for a bearish correction targeting the initial support at 145.55.
As a result, the outlook for today leans bearish, with the proviso that the 146.55 level may consolidate against the prevailing negative pressures, potentially facilitating a rebound and enabling the price to regain momentum, targeting levels around 148.44.
For today’s trading, the expected range is forecasted to extend from the support level at 144.80 to the resistance level at 147.20. Traders should closely monitor this range as it may serve as a pivotal zone for potential market reversals or breakouts.
In conclusion, the USD/JPY pair is currently challenging a key support level at 146.55, signaling a bearish momentum gaining strength. The near-term trend is bearish, with a potential target of 145.55, particularly given the negative indications from the stochastic oscillator. However, the consolidation of 146.55 could prompt a rebound and renewed bullish attempts towards 148.44. The current bias is bearish.