The USDJPY price attempts to recover – Forecast today - 08-04-2024

USDJPY Price Analysis

Expected Scenario

• The USDJPY price traded negatively in the previous sessions and approached 151.00 barrier, but we notice that the price bounced bullishly to reach the thresholds of the recently recorded top at 151.96, to hint the attempt to regain the main bullish trend again.
• Now, we prefer to stay aside until we get clearer signal for the next trend, through breaching 151.96 resistance or breaking 151.40 support, noting that breaching this resistance will push the price to continue the rise and achieve new positive targets that reach 153.00 as a next station, while breaking the support represents the key to return to the correctional bearish track and target 150.67 level initially.

Expected Outcome

The USDJPY price is currently in a consolidation phase, awaiting clearer signals for the next trend. A breach of 151.96 resistance could signal a continuation of the bullish trend towards 153.00, while breaking below 151.40 support could indicate a return to the bearish track with a target of 150.67 initially.

Expected Trading Range

Between 150.80 support and 152.40 resistance.