155.00 level represents a major technical and psychological barrier. It acts like a rigid 'shell' that the pair has been considering, making it a critical point for growth (breakout) or retreat (rejection).
The rigid barrier155.00 level represents a major technical and psychological barrier. It acts like a rigid 'shell' that the pair has been considering, making it a critical point for growth or retreat .
155.44 the upper level of the Bollinger band, once broken by a daily close, I believe the pair will head north to at 156.78 weekly pivot level, followed by 158.40 level.The most significant pressure preventing the USD/JPY from breaking this shell isn't just traders; it's the risk of intervention by the Japanese authorities.Verbal intervention historically causes a sudden and a sharp drop.Failure to break the shell, the pair will head south to the Bollinger band’s moving average around 153.30 level, a clear break, the next move to follow will be around 151.20 level.There is a negative divergence between the RSI and the USD/JPY price, as well as the Commodity Channel Index and the USD/JPY price.As we see, the prices make higher highs, but the RSI and CCI make lower highs, and it is a sign that the uptrend move is getting weaker, and the momentum is fading.
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