This article analyzes a possible short setup in USD/JPY, examining key technical levels whose invalidation could create compelling opportunities for breakout and breakdown strategies.
In recent weeks, the pair has seen increased volatility, oscillating up and down but going nowhere, dancing to the tune of endless market news, with the exchange rate currently sitting just below the 155.50 mark. In any case, with the Fed intent on cutting borrowing costs later this year and the apparent resumption of the disinflationary trend,
Conversely, if buyers regain the upper hand and initiate a bullish turnaround, resistance looms at 156.80, this week's peak. While it will be challenging for bulls to overcome this barrier, a successful breakout could seehead back towards 158.00 and potentially 160.00. However, these rallies might be short-lived due to the possibility of FX intervention by the Japanese government to stem the yen’s bleeding.
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