The U.S. dollar index continued to decline today. As a result, many non-US currencies continued to strengthen. The USD/JPY D1 chart traded limit-up to a key resistance level above yesterday. And this morning, after hitting the upper resistance level, the price reversed once and is now quoted at 147.701. However, it is not yet possible to confirm whether the trend has reversed into a downward trend. We need to wait for the data released by the Federal Reserve’s interest rate decision at 2:00 a.m. on Wednesday to confirm the direction of the trend.
H1 Chart Yesterday’s unexpected rise in the US dollar index led to a continued rise in USD/JPY. At this stage, the price fell after hitting the upper resistance level in the Asian session. At this stage, the price is trying to break through the lower resistance level. Once it breaks, it will continue to fall to the next support level.
Enter short positions at high levels. Long wait for the release of fundamental data.
All transactions involve risks, the above analysis is for reference only. When placing an order, be sure to set the lot size and remember to set the stop loss.