The USDJPY price experienced a significant upward bounce yesterday, breaching the key resistance level of 150.18 and initiating a bullish wave. A closer analysis reveals that the price has formed a double bottom pattern, which is expected to propel the price further higher in the near term, with the next key target set at 152.70.
The bullish outlook remains intact, and the price needs to confirm a breakout above 151.20 to pave the way for further gains toward the stated target. The continuation of the upward trend depends on maintaining support above 150.18.
Trading Outlook
The bullish bias is expected to prevail today, with a focus on confirming the breach of 151.20 for further upward movement.
Expected Trading Range: Between 150.50 (support) and 152.10 (resistance).
Trend Forecast: Bullish.
If the price holds above 150.18, the bullish trend is likely to continue, with potential for further upside.
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