USDJPY – Price retracing for a run-up

05.04.2024

The price has been hitting a resistance level for an extended period and cannot seem to break through. The movement has almost formed a straight horizontal line along the level, but such a situation cannot last indefinitely. Eventually, one of the opposing forces will deplete. And now, there is already an attempt to push the price lower.

However, this might be a retracement to gain momentum for an upward breakthrough attempt. Especially since the situation still seems to lack the final upward wave, meant to complete the development of the ending diagonal triangle.

Therefore, it is important to closely monitor the situation and consider buying in case of a breakthrough of the specified level.

Recommendations: Buy at 152.00, SL at 151.75, TP at 155.00.